Net (Loss) Income Per Share

9 Months Ended

Sep. 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 nine months ended September 30, 2021 and September 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 September 30,					Nine Months Ended September 30,
	2021			2020		2021			2020
Numerator:
Net (loss) income	$	(2.3	)	$	0.4	$	(20.2	)	$	22.9
Denominator – Weighted-average common shares outstanding (in thousands):
Basic		15,852			15,794		15,831			15,804
Add: dilutive effect of non-vested common shares, restricted stock units and performance shares1		—			71		—			100
Diluted		15,852			15,865		15,831			15,904
Net (loss) income per common share, Basic:	$	(0.14	)	$	0.02	$	(1.28	)	$	1.45
Net (loss) income per common share, Diluted:	$	(0.14	)	$	0.02	$	(1.28	)	$	1.44

¹ Quantities in the following discussion are denoted in whole shares. During the quarter and nine months ended September 30, 2021, approximately 210,000 and 198,000 potentially dilutive shares, respectively, were excluded from the computation of net loss per share as their effect would have been anti-dilutive. During the quarter and nine months ended September 30, 2020, approximately, 69,000 and 41,000 shares, respectively, were excluded from the weighted-average diluted shares computation as their inclusion would have been anti‑dilutive.