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Earnings Per Share | 9 Months Ended
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Sep. 30, 2021
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share The calculations of basic and diluted EPS are based on the weighted average number of shares of common stock and potential common stock outstanding during the period. For the purposes of determining diluted EPS, the effects of the purchase contracts included within the Equity Units were included in the calculation of potential common stock outstanding for the three and nine months ended September 30, 2021 using the if-converted method under US GAAP. This method assumes conversion at the beginning of the reporting period, or at time of issuance, if later. For the purchase contracts, the number of shares of our common stock that would be issuable at the end of each reporting period will be reflected in the denominator of our diluted EPS calculation. If the stock price falls below the initial reference price of $24.51, the number of shares of our common stock used in calculating diluted EPS will be the maximum number of shares per the contract as described in Note 5, "Equity." Conversely, if the stock price is above the initial reference price of $24.51, a variable number of shares of our common stock will be used in calculating diluted EPS. A numerator adjustment was reflected in the calculation of diluted EPS for interest expense incurred in 2021, net of tax, related to the purchase contracts. The Series C Mandatory Convertible Preferred Stock included within the Equity Units represent contingently convertible securities as the conversion is contingent on a successful remarketing as described in Note 5, "Equity." Contingently convertible shares where conversion is not tied to a market price trigger are excluded from the calculation of diluted EPS until such time as the contingency has been resolved under the if-converted method. As of September 30, 2021, the contingency was not resolved and thus no shares were reflected in the denominator in the calculation of diluted EPS for the three and nine months ended September 30, 2021. Diluted EPS also includes the incremental effects of the various long-term incentive compensation plans and the open ATM forward agreements during the period under the treasury stock method when the impact would be dilutive. Refer to Note 5, "Equity," for more information on our ATM forward agreements. For the three and nine months ended September 30, 2020, we had a net loss on the Condensed Statements of Consolidated Income (Loss) (unaudited) during the period, and any potentially dilutive shares would have had an anti-dilutive impact on EPS. The following table presents the calculation of our basic and diluted EPS:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions, except per share amounts) | 2021 |  | 2020 |  | 2021 |  | 2020
Numerator: |  |  |  |  |  |  |
Net Income (Loss) Available to Common Shareholders - Basic | $ | 49.4 |  |  | $ | (186.7) |  |  | $ | 377.6 |  |  | $ | (143.4) |
Dilutive effect of Equity Units | 0.6 |  |  | — |  |  | 1.0 |  |  | — |
Net Income (Loss) Available to Common Shareholders - Diluted | $ | 50.0 |  |  | $ | (186.7) |  |  | $ | 378.6 |  |  | $ | (143.4) |
Denominator: |  |  |  |  |  |  |
Average common shares outstanding - Basic | 393.2 |  |  | 383.8 |  |  | 392.9 |  |  | 383.5 |
Dilutive potential common shares: |  |  |  |  |  |  |
Equity Units | 35.2 |  |  | — |  |  | 21.3 |  |  | — |
Shares contingently issuable under employee stock plans | 0.9 |  |  | — |  |  | 0.7 |  |  | — |
Shares restricted under employee stock plans | 0.3 |  |  | — |  |  | 0.3 |  |  | — |
Forward Agreements | 0.7 |  |  | — |  |  | 0.6 |  |  | — |
Average Common Shares - Diluted | 430.3 |  |  | 383.8 |  |  | 415.8 |  |  | 383.5 |
Earnings per common share: |  |  |  |  |  |  |
Basic | $ | 0.13 |  |  | $ | (0.49) |  |  | $ | 0.96 |  |  | $ | (0.37) |
Diluted | $ | 0.12 |  |  | $ | (0.49) |  |  | $ | 0.91 |  |  | $ | (0.37) |

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