Earnings per Common Share

3 Months Ended

Mar. 31, 2022

Basic earnings per common share is calculated by dividing net income by the weighted average number of common shares outstanding during the period presented, excluding unvested restricted stock. Diluted earnings per share is calculated by dividing net income by the weighted average number of common shares determined for the basic earnings per share computation plus the dilutive effects of stock-based compensation using the treasury stock method.

The following table sets forth the computation of basic and diluted earnings per share for the periods presented:


	Three Months Ended March 31,
	2022		2021
Net (loss) income	$	(33.4)	$	51.4
Weighted average common shares outstanding for basic earnings per share computation	92,855,173		61,591,877
Dilutive effects of stock-based compensation	—		122,186
Weighted average common shares outstanding for diluted earnings per common share computation	92,855,173		61,714,063

Basic (loss) earnings per common share	$	(0.36)	$	0.83
Diluted (loss) earnings per common share	$	(0.36)	$	0.83

Anti-dilutive unvested time restricted stock	55,504		92,602

The Company had 537,374 and 368,793 shares of unvested restricted stock as of March 31, 2022 and 2021, respectively, that were not included in the computation of diluted earnings per common share because performance conditions for vesting had not been met. As a result of incurring a net loss during the three months ended March 31, 2022, potential common shares of 71,379 were excluded from diluted loss per share because the effect would have been anti-dilutive.