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Net (Loss) Income Per Share
12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
Net (Loss) Income Per Share

15. 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 2021, 2020 and 2019, which in all years 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):

 

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(18.5

)

 

$

28.8

 

 

$

62.0

 

Denominator – Weighted-average common shares

   outstanding (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

15,836

 

 

 

15,802

 

 

 

15,997

 

Add: dilutive effect of non-vested common shares,

   restricted stock units and performance shares1

 

 

 

 

 

111

 

 

 

206

 

Diluted

 

 

15,836

 

 

 

15,913

 

 

 

16,203

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income per common share, Basic:

 

$

(1.17

)

 

$

1.82

 

 

$

3.88

 

Net (loss) income per common share, Diluted:

 

$

(1.17

)

 

$

1.81

 

 

$

3.83

 

 

1.

Quantities in the following discussion are denoted in whole shares. For the year ended December 31, 2021, approximately 213,000 potentially dilutive shares were excluded from the computation of net loss per share as their effect would have been anti‑dilutive. A total of 44,000 non-vested RSAs, RSUs and performance shares for the year ended December 31, 2020 were excluded from the weighted-average diluted shares computation as their inclusion would have been anti-dilutive. No shares were excluded for the year ended December 31, 2019.