Earnings (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2021

Summary of Computation Earnings (Loss) Per Common Share Using Two Class Method

The following table sets forth the computation of earnings (loss) per common share using the two-class method. The dilutive effect of outstanding Series A Preferred Shares and the Series A Preferred Share dividend is reflected in diluted EPS using the if-converted method, and warrants, options, and restricted and performance shares are reflected using the treasury stock method. For periods of net loss, basic and diluted EPS are the same, as the assumed exercise of Series A Preferred Shares, restricted and performance shares, warrants and stock options are anti-dilutive (amounts in millions, except share and per share amounts):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Basic earnings (loss) per common share:
Net income (loss)	$	19		$	27		$	32		$	(131	)
Less income attributable to Series A Preferred Shares		(2	)		(4	)		(4	)		—
Net income (loss) attributable to common shareholders - basic	$	17		$	23		$	28		$	(131	)

Weighted average shares outstanding - basic		204,851,780			169,387,541			199,472,387			169,501,289
Basic earnings (loss) per common share	$	0.08		$	0.14		$	0.14		$	(0.77	)

Diluted earnings (loss) per common share:
Net income (loss)	$	19		$	27		$	32		$	(131	)
Less income attributable to Series A Preferred Shares		(2	)		(4	)		(4	)		—
Net income (loss) attributable to common shareholders - diluted	$	17		$	23		$	28		$	(131	)

Weighted average shares outstanding - basic		204,851,780			169,387,541			199,472,387			169,501,289
Dilutive securities:
RSUs, warrants and stock options (1)		713,750			4,346,291			1,773,018			—
Shares issuable pursuant to the annual Series A Preferred Share dividend (2)		3,821,671			8,299,338			3,547,120			—
Weighted average shares outstanding - diluted		209,387,201			182,033,170			204,792,525			169,501,289
Diluted earnings (loss) per common share	$	0.08		$	0.13		$	0.14		$	(0.77	)

(1)

For all periods presented, 4,000,000 Series A Preferred Shares, which are convertible to the same number of common shares, have been excluded from the calculation of diluted shares, as their inclusion would be anti-dilutive. For the nine months ended September 30, 2020, 162,500 stock options to purchase the same number of common shares and 21,265,359 common shares that would be issuable upon exercise of 63,796,076 warrants exercisable to purchase common shares on a 3:1 basis (21,265,359 ordinary share equivalents) for which the exercise price exceeded the average market price, have been excluded from the calculation of diluted shares, as their inclusion would be anti-dilutive.

(2)

For the three and nine months ended September 30, 2021, and the three months ended September 30, 2020, dilutive securities include common share equivalents which represent the annual dividend, payable in common shares, that Series A Preferred Shares would be entitled to receive assuming that the volume weighted average price of the Company’s common shares for the last ten trading days of the period would be the same average price during the last ten trading days of the calendar year. The annual dividend amount is equal to 20% of the increase in the volume-weighted average market price per share of the Company’s common shares for the last ten trading days of the calendar year, multiplied by 141,194,638 shares (the “Annual Dividend Amount”). During 2020, the Annual Dividend Amount was calculated based on the Company’s share price appreciation over the initial offering price of $10.00. During 2021, the Annual Dividend Amount was calculated based on the Company’s share price appreciation over the highest price previously used in calculating the Annual Dividend Amount of $17.8829.