Earnings Per Share

3 Months Ended

Mar. 31, 2021

The calculation of Earnings (loss) per share (basic) is based on the weighted average number of shares of the Company’s common stock outstanding during the period. Earnings (loss) per share (diluted) is similar to Earnings (loss) per share (basic), but adjusts for the dilutive effect of the potential issuance of incremental shares of the Company’s common stock.

The following is a reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings (loss) per share available to common stockholders:


	For the Three Months Ended March 31,
	2020		2021
Numerator
Net income (loss) (controlling interest)	$	(15.6)	$	149.9
Interest expense on junior convertible securities, net of taxes	—		4.7
Net income (loss) (controlling interest), as adjusted	$	(15.6)	$	154.6
Denominator
Average shares outstanding (basic)	47.8		42.6
Effect of dilutive instruments:
Stock options and restricted stock units	—		0.6
Junior convertible securities	—		2.2
Average shares outstanding (diluted)	47.8		45.4

Average shares outstanding (diluted) in the table above excludes stock options and restricted stock units that have not met certain performance conditions and items that have an anti-dilutive effect on Earnings (loss) per share (diluted). The following is a summary of items excluded from the denominator in the table above:


	For the Three Months Ended March 31,
	2020	2021
Stock options and restricted stock units	3.3	0.4
Junior convertible securities	2.2	—

The Company may settle portions of its Affiliate equity purchases in shares of its common stock. Because it is the Company’s intention to settle these potential purchases in cash, the calculation of Average shares outstanding (diluted) excludes any potential dilutive effect from possible share settlements of Affiliate equity purchases.

For the three months ended March 31, 2021, the Company repurchased 1.6 million shares of its common stock, at an average price per share of $128.84.