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Net Income Per Share

9 Months Ended

Sep. 30, 2020

NET INCOME (LOSS) PER COMMON SHAREBasic net income (loss) per common share is calculated by dividing income (loss) allocable to common stockholders by the weighted average number of shares of common stock outstanding during the period. In calculating diluted net income (loss) per common share, the number of shares is increased by the weighted average number of potential shares related to stock compensation awards. No dilutive effect is recognized in a period in which a net loss has occurred. The weighted average number of common and common equivalent shares used in the calculation of basic and diluted income (loss) per common share are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Numerator (in millions):
Net income (loss)	$	(7.0)	$	22.8	$	38.0	$	(13.7)
Preferred stock dividends - undeclared and cumulative	1.9		1.9		5.9		5.9
Net income (loss) allocable to common stockholders	$	(8.9)	$	20.9	$	32.1	$	(19.6)

Denominator (in thousands):
Average common shares outstanding - basic	10,723		9,582		10,008		9,560
Potentially dilutive shares related to stock options and restricted stock units (a)	—		44		274		—
Average common shares outstanding - diluted	10,723		9,626		10,282		9,560

Net income (loss) per common share (in dollars):
Basic	$	(0.83)	$	2.18	$	3.21	$	(2.05)
Diluted	$	(0.83)	$	2.17	$	3.12	$	(2.05)

(a) Common stock equivalents excluded from the diluted calculation as a result of a net loss in the period (in thousands)	317		—		—		67

Options outstanding and considered anti-dilutive as their exercise price exceeded the average share market price (in thousands)	—		460		—		460