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Earnings Per Share (Tables) | 6 Months Ended
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Jun. 30, 2024
Earnings Per Share [Abstract] |
Schedule of Calculation of Net Income (Loss) Per Share | The following table represents calculations of net earnings per share of common stock:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Amounts attributable to Chart common shareholders |  |  |  |  |  |  |
Income (loss) from continuing operations | $ | 58.8 |  |  | $ | 6.6 |  |  | $ | 72.3 |  |  | $ | (9.3) |
Less: Mandatory convertible preferred stock dividend requirement | 6.8 |  |  | 6.9 |  |  | 13.6 |  |  | 13.7 |
Income (loss) from continuing operations attributable to Chart | 52.0 |  |  | (0.3) |  |  | 58.7 |  |  | (23.0) |
(Loss) income from discontinued operations, net of tax | (0.2) |  |  | 2.5 |  |  | (2.4) |  |  | 3.4 |
Net income (loss) attributable to Chart common shareholders | 51.8 |  |  | 2.2 |  |  | 56.3 |  |  | (19.6) |
Earnings per common share – basic: |  |  |  |  |  |  |
Income (loss) from continuing operations | $ | 1.24 |  |  | $ | (0.01) |  |  | $ | 1.40 |  |  | $ | (0.55) |
(Loss) income from discontinued operations | (0.01) |  |  | 0.06 |  |  | (0.06) |  |  | 0.08 |
Net income (loss) attributable to Chart Industries, Inc. | $ | 1.23 |  |  | $ | 0.05 |  |  | $ | 1.34 |  |  | $ | (0.47) |
Earnings per common share – diluted: |  |  |  |  |  |  |
Income (loss) from continuing operations | $ | 1.10 |  |  | $ | (0.01) |  |  | $ | 1.25 |  |  | $ | (0.55) |
(Loss) income from discontinued operations | — |  |  | 0.06 |  |  | (0.05) |  |  | 0.08 |
Net income (loss) attributable to Chart Industries, Inc. | $ | 1.10 |  |  | $ | 0.05 |  |  | $ | 1.20 |  |  | $ | (0.47) |
Weighted average number of common shares outstanding – basic | 42.04 |  |  | 41.97 |  |  | 42.03 |  |  | 41.96 |
Incremental shares issuable upon assumed conversion and exercise of share-based awards (1) | 0.21 |  |  | 0.17 |  |  | 0.19 |  |  | — |
Incremental shares issuable due to dilutive effect of convertible notes (1) (2) | 2.69 |  |  | 2.38 |  |  | 2.59 |  |  | — |
Incremental shares issuable due to dilutive effect of the warrants (1) | 2.31 |  |  | 1.93 |  |  | 2.18 |  |  | — |
Weighted average number of common shares outstanding – diluted | 47.25 |  |  | 46.45 |  |  | 46.99 |  |  | 41.96 |
_______________ (1)Zero incremental shares from share-based awards, convertible notes or the warrants are included in the computation of diluted net loss per share for periods in which a net loss from continuing operations attributable to Chart because to do so would be anti-dilutive. This is applicable for the six months ended June 30, 2023. (2)The convertible note hedge offsets any dilution upon actual conversion of the 2024 Notes up to a common stock price of $71.775 per share. The hedge cannot be taken into account under U.S. GAAP because it is anti-dilutive. If the hedge could have been considered, it would have reduced the diluted shares by 2.69 and 2.38 for the three months ended June 30, 2024 and 2023, respectively, and by 2.59 for the six months ended June 30, 2024. For further information, refer to Note 9, “Debt and Credit Arrangements.”
Schedule of Antidilutive Securities | Diluted earnings per share does not reflect the following cumulative preferred stock dividends and potential common shares as the effect would be anti-dilutive:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Numerator |  |  |  |  |  |  |
Mandatory convertible preferred stock dividend requirement (1) | $ | 6.8 |  |  | $ | 6.9 |  |  | $ | 13.6 |  |  | $ | 13.7 |
Denominator |  |  |  |  |  |  |
Anti-dilutive shares, Share-based awards | 0.09 |  |  | — |  |  | 0.14 |  |  | 0.18 |
Anti-dilutive shares, Convertible notes | — |  |  | — |  |  | — |  |  | 2.39 |
Anti-dilutive shares, Warrants | — |  |  | — |  |  | — |  |  | 1.94 |
Anti-dilutive shares, Mandatory convertible preferred stock (1) | 2.84 |  |  | 3.41 |  |  | 2.93 |  |  | 3.41 |
Total anti-dilutive securities | 2.93 |  |  | 3.41 |  |  | 3.07 |  |  | 7.92 |
_______________ (1)We calculate the basic and diluted earnings per share based on net income, which approximates income available to common shareholders for each period. Earnings per share is calculated using the two-class method, which is an earnings allocation formula that determines the earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. The Series B Mandatory Convertible Preferred Stock and the 2024 Convertible Notes are participating securities. Undistributed earnings are not allocated to the participating securities because the participation features are discretionary. Net losses are not allocated to the Series B Mandatory Convertible Preferred Stock, as it does not have a contractual obligation to share in the losses of Chart. Basic net income per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted net income per common share is computed by dividing net income available to common shareholders by the sum of the weighted average number of common shares outstanding and any dilutive non-participating securities for the period.

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- Definition Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
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