Earnings per Common Share

3 Months Ended

Mar. 31, 2023

Earnings (loss) per Common Share

Basic earnings per common share is calculated by dividing net income (loss) 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 (loss) 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,
	2023		2022
Net income (loss)	$	56.3	$	(33.4)
Weighted average common shares outstanding for basic earnings per share computation	103,737,664		92,855,173
Dilutive effects of stock-based compensation	81,055		—
Weighted average common shares outstanding for diluted earnings per common share computation	103,818,719		92,855,173

Basic earnings (loss) per common share	$	0.54	$	(0.36)
Diluted earnings (loss) per common share	$	0.54	$	(0.36)

Anti-dilutive unvested time restricted stock	132,410		55,504

The Company had 330,408 and 537,374 shares of unvested restricted stock as of March 31, 2023 and 2022, 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.