Earnings (Loss) Per Share (Notes)

3 Months Ended

Mar. 31, 2023

11. EARNINGS (LOSS) PER SHARE (EPS)

We present EPS using the two-class method. This method allocates undistributed earnings between common shares and non-vested share-based payment awards that entitle the holder to non-forfeitable dividend rights. Our participating securities are our non-vested restricted stock units.

The following table sets forth the computation of our basic and diluted EPS available to shareholders of common stock (excluding participating securities):


	Three Months Ended
	March 31,
		2023		2022
		(in millions, except per share data)
Numerator
Net income (loss)		$	(5.1)	$	1.0
Less: Net income attributable to participating securities		—		—


Net income (loss) attributable to common shareholders - Basic and Dilutive		$	(5.1)	$	1.0

Denominators
Basic common shares outstanding -
Weighted-average shares outstanding		119.8		118.8
Less: Weighted-average participating securities		(4.6)		(4.6)
Weighted-average common shares outstanding		115.2		114.2

Effect of dilutive securities -
Dilutive stock-based compensation		—		0.5

Diluted shares outstanding -
Adjusted weighted-average shares after assumed conversions		115.2		114.7

Basic EPS		$	(0.04)	$	0.01

Diluted EPS		$	(0.04)	$	0.01

Basic and dilutive loss per share are the same for the three months ended March 31, 2023 because the effect of potentially dilutive stock-based compensation would have been antidilutive. Excluded potentially dilutive shares were 0.2 million in the three months ended March 31, 2023.