Net Income (Loss) Per Share

12 Months Ended

Dec. 31, 2024

15. Net Income (Loss) Per Share

Basic net income (loss) per share is computed by dividing distributed and undistributed net income (loss) allocable to common shares by the weighted-average number of common shares outstanding during the applicable period. The basic weighted-average number of common shares outstanding during the period excludes non-vested share-based payment awards. Basic and diluted net income (loss) per share was calculated under the two-class method for 2024 and 2023, and the treasury method in 2022, based on the more dilutive method for each period.

The following table sets forth the computation of basic and diluted net income (loss) per share (in millions of dollars, except share and per share amounts):


	Year Ended December 31,
	2024		2023			2022
Numerator:
Net income (loss)		46.8		47.2			(29.6	)
Less: earnings attributable to participating securities1		—		(0.1	)		—
Net income (loss) available to common shareholders		46.8		47.1			(29.6	)
Denominator – Weighted-average common shares outstanding (in thousands):
Basic		16,069		15,991			15,906
Add: dilutive effect of non-vested common shares, restricted stock units and performance shares2		250		140			—
Diluted		16,319		16,131			15,906

Net income (loss) per common share, Basic	$	2.91	$	2.95		$	(1.86	)
Net income (loss) per common share, Diluted	$	2.87	$	2.92		$	(1.86	)

Represents distributed and undistributed earnings allocated to non-vested RSAs that contain non-forfeitable rights to dividends.

Quantities in the following discussion are denoted in whole shares. For the years ended December 31, 2024 and December 31, 2023, approximately 1,100 and 35,000 shares, respectively, were excluded from the weighted-average diluted shares computation as their inclusion would have been anti-dilutive. For the year ended December 31, 2022, approximately 139,000 potentially dilutive shares were excluded from the computation of net loss per share as their effect would have been anti‑dilutive.