Earnings Per Share

9 Months Ended

Sep. 30, 2023

Our basic earnings per share calculations are based on the weighted average number of common shares outstanding during the period. Potentially dilutive securities include outstanding stock options, restricted share units, deferred stock units and performance-based restricted share units. The effect of potentially dilutive securities is reflected in diluted earnings per common share by application of the treasury method. Diluted earnings per share gives effect to all potentially dilutive common shares outstanding during the period. Potentially dilutive common shares are excluded from the computations of diluted earnings per share if their effect would be anti-dilutive. For the three months ended September 30, 2022, the Company had a net loss attributable to common shareholders which causes all potentially dilutive securities to be anti-dilutive and are therefore not included in the calculation of earnings (loss) per share.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions, except per share data)	2023		2022		2023		2022
Net income (loss) from continuing operations attributable to common shareholders	$	55.2	$	(120.9)	$	154.4	$	131.8
Income from discontinued operations, net of tax (Note 2)	—		61.6		52.1		172.1
Net income (loss) attributable to common shareholders	$	55.2	$	(59.3)	$	206.5	$	303.9

Average basic shares outstanding	56.8		56.1		56.7		56.5
Effect of dilutive share-based awards	0.7		—		0.7		0.8
Average diluted shares outstanding	57.5		56.1		57.4		57.3

Earnings (loss) per basic share:
Earnings (loss) per basic share from continuing operations	$	0.97	$	(2.16)	$	2.72	$	2.33
Earnings per basic share from discontinued operations	—		1.10		0.92		3.05
Earnings (loss) per basic share	$	0.97	$	(1.06)	$	3.64	$	5.38

Earnings (loss) per diluted share:
Earnings (loss) per diluted share from continuing operations	$	0.96	$	(2.16)	$	2.69	$	2.30
Earnings per diluted share from discontinued operations	—		1.10		0.91		3.00
Earnings (loss) per diluted share	$	0.96	$	(1.06)	$	3.60	$	5.30

Stock options, restricted share units, deferred stock units and performance-based restricted share units that were excluded from the calculation of diluted earnings per share because their effect is anti‑dilutive was 0.5 million and 1.2 million for the three months ended September 30, 2023, and 2022, respectively, and 0.4 million for the nine months ended September 30, 2023, and 2022, respectively.