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Earnings (Loss) Per Share | 9 Months Ended
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Sep. 30, 2020
Earnings Per Share [Abstract] |
Earnings (Loss) Per Share | Note 15. Earnings (Loss) Per Share Net income is allocated between the Company’s common shares and other participating securities based on their participation rights. The Preferred Shares represent participating securities. Earnings attributable to Preferred Shares are not included in earnings attributable to common shares in calculating earnings per common share (the “two class method”). For periods of net loss, there is no impact from the two-class method on earnings (loss) per share (“EPS”) as net loss is allocated to common shares because Preferred Shares are not contractually obligated to share the loss. The following table sets forth the computation of earnings (loss) per common share using the two-class method. The dilutive effect of outstanding Preferred Shares, Preferred Share dividend, and restricted stock units (“RSUs”) issued by the Company is reflected in diluted EPS using the if-converted method. Warrants and options are included using the treasury stock method. For periods of net loss, basic and diluted EPS are the same, as the assumed exercise of Preferred Shares, RSUs, warrants and stock options are anti-dilutive (amounts in millions, except share and per share amounts):
|  | Three Months Ended September 30, 2020 |  |  | Nine Months Ended September 30, 2020 |
Basic earnings (loss) per common share: |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 27 |  |  | $ | (131 | )
Less income attributable to Preferred Shares |  |  | (4 | ) |  |  | — |
Net income (loss) attributable to common shareholders - basic |  | $ | 23 |  |  | $ | (131 | )
Weighted average shares outstanding - basic |  |  | 169,387,541 |  |  |  | 169,501,289 |
Basic earnings (loss) per common share |  | $ | 0.14 |  |  | $ | (0.77 | )
Diluted earnings (loss) per common share: |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 27 |  |  | $ | (131 | )
Less income attributable to Preferred Shares |  |  | (4 | ) |  |  | — |
Net income (loss) attributable to common shareholders - diluted |  | $ | 23 |  |  | $ | (131 | )
Weighted average shares outstanding - basic |  |  | 169,387,541 |  |  |  | 169,501,289 |
Dilutive securities: |  |  |  |  |  |  |  |
RSUs, warrants and stock options (1) |  |  | 4,346,291 |  |  |  | — |
Shares issuable upon conversion of Preferred Shares (2) |  |  | — |  |  |  | — |
Shares issuable pursuant to the annual Preferred Share dividend (3) |  |  | 8,299,338 |  |  |  | — |
Weighted average shares outstanding - diluted |  |  | 182,033,170 |  |  |  | 169,501,289 |
Diluted earnings (loss) per common share |  | $ | 0.13 |  |  | $ | (0.77 | )
(1) | For the three months ended September 30, 2020, represents the dilutive impact of 162,500 stock options to purchase the same number of common shares, 63,796,076 warrants exercisable to purchase common shares on a 3:1 basis (21,265,359 ordinary share equivalents), and 1,483,066 RSUs.
(2) | For the three months ended September 30, 2020, represents 4,000,000 Preferred Shares convertible to the same number of common shares for which the effect would be anti-dilutive.
(3) | For the three months ended September 30, 2020, dilutive securities include 8,299,338 common share equivalents which represent the dividend that the Preferred Shares would be entitled to receive, assuming that the average price of the Company’s common shares for the last ten trading days of the three months ended September 30, 2020 of $14.16 per share would be the same volume weighted-average price during the last ten trading days of the calendar year, which exceeds the initial offering price of $10.00 per share.
Predecessor The Company has not presented Predecessor earnings per member unit information because it is not meaningful or comparable to the required Successor EPS information presented above, as well as the fact that Predecessor units were not publicly traded.

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