Net (Loss) Income Per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Net (Loss) Income Per Share

13. Net (Loss) Income Per Share

Basic net (loss) income per share is computed by dividing distributed and undistributed net (loss) income 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. Diluted net (loss) income per share was calculated under the treasury stock method for the quarters and six months ended June 30, 2021 and June 30, 2020, which in both periods was more dilutive than the two-class method.

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

	Quarter Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Numerator:
Net (loss) income	$	(22.4	)	$	(6.6	)	$	(17.9	)	$	22.5
Denominator – Weighted-average common shares outstanding (in thousands):
Basic		15,835			15,781			15,820			15,809
Add: dilutive effect of non-vested common shares, restricted stock units and performance shares1		—			—			—			120
Diluted		15,835			15,781			15,820			15,929
Net (loss) income per common share, Basic:	$	(1.42	)	$	(0.41	)	$	(1.13	)	$	1.42
Net (loss) income per common share, Diluted:	$	(1.42	)	$	(0.41	)	$	(1.13	)	$	1.41

¹ Quantities in the following discussion are denoted in whole shares. For the quarter ended June 30, 2021, the quarter ended June 30, 2020 and the six months ended June 30, 2021, approximately 226,000, 71,000 and 214,000 potentially dilutive shares, respectively, were excluded from the computation of net loss per share as their effect would have been anti-dilutive. During the six months ended June 30, 2020, approximately 38,000 shares were excluded from the weighted‑average diluted shares computation as their inclusion would have been anti-dilutive.