Earnings (Loss) Per Common Share (Tables)

9 Months Ended

Sep. 30, 2022

Summary of Computation of Basic and Diluted Earnings Per Share

The following table summarizes the computation of basic and diluted earnings per common share (in millions, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Earnings (loss) per common share—basic
Net income (loss)	$	38.5	$	(16.0)	$	230.6	$	348.2
Weighted-average common shares outstanding—basic(1)	184.8		186.0		184.9		163.1
Earnings (loss) per common share—basic	$	0.21	$	(0.09)	$	1.25	$	2.13
Earnings (loss) per common share—diluted
Net income (loss)	$	38.5	$	(16.0)	$	230.6	$	348.2
Interest expense(2)	1.6		—		4.8		—
Net income (loss) attributable to earnings per common share—diluted	$	40.1	$	(16.0)	$	235.4	$	348.2

Weighted-average common shares outstanding—basic(1)	184.8		186.0		184.9		163.1
Convertible Notes weighted-average shares outstanding(2)	14.7		—		14.7		6.1
Outstanding options, restricted stock units and performance share units	2.3		—		1.4		2.0
Weighted-average common shares outstanding—diluted	201.8		186.0		201.0		171.2
Earnings (loss) per common share—diluted	$	0.20	$	(0.09)	$	1.17	$	2.03

(1) In connection with the Topgolf merger, the Company issued 89.8 million shares of its common stock to shareholders of Topgolf, and 0.2 million shares of its common stock for restricted stock awards converted in the merger (see Note 13), of which 90.0 million and 67.9 million weighted-average shares were included in the basic and diluted share calculations for the three and nine months ended September 30, 2021, respectively, based on the number of days the shares were outstanding during each period.
(2) As of January 1, 2022, in connection with the adoption of ASU 2020-06 (see Note 2), the Company uses the if-converted method for calculating the dilutive weighted-average shares outstanding related to the Convertible Notes when calculating earnings (loss) per common share-diluted. Under this method, interest expense related to the Convertible Notes for the respective period is excluded from net income. Prior to the adoption of ASU 2020-06, the Company used the treasury stock method for calculating the dilutive impact from the Convertible Notes.