Earnings per Share (EPS) (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Allocation Method Utilized in the Calculation of Basic and Diluted EPS

The following illustrates the earnings allocation method utilized in the calculation of basic and diluted EPS.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(In millions, except per share data)
Basic EPS numerator:
Income (loss) from continuing operations, net of income taxes	$	384.4	$	(59.6)	$	675.9	$	(160.3)
Less: Net income attributable to noncontrolling interests	8.5		8.9		8.5		12.6
Income (loss) from continuing operations attributable to common stockholders	375.9		(68.5)		667.4		(172.9)


(Loss) income from discontinued operations, net of income taxes	(0.8)		24.3		(2.3)		20.0


Net income (loss) attributable to common stockholders	$	375.1	$	(44.2)	$	665.1	$	(152.9)

Diluted EPS numerator:
Income (loss) from continuing operations, net of income taxes	$	384.4	$	(59.6)	$	675.9	$	(160.3)
Add: Tax adjusted interest expense related to 2028 Convertible Notes	2.6		—		6.1		—
Less: Net income attributable to noncontrolling interests	8.5		8.9		8.5		12.6
Income (loss) from continuing operations attributable to common stockholders	378.5		(68.5)		673.5		(172.9)
(Loss) income from discontinued operations, net of income taxes	(0.8)		24.3		(2.3)		20.0
Net income (loss) attributable to common stockholders	$	377.7	$	(44.2)	$	671.2	$	(152.9)

EPS denominator:
Weighted average shares outstanding — basic	144.1		114.9		141.4		104.9
Dilutive impact of share-based compensation awards	1.7		—		1.6		—
Dilutive impact of 2028 Convertible Notes	16.1		—		12.6		—
Weighted average shares outstanding — diluted	161.9		114.9		155.6		104.9

Basic EPS attributable to common stockholders:
Income (loss) from continuing operations	$	2.61	$	(0.60)	$	4.72	$	(1.65)
(Loss) income from discontinued operations	(0.01)		0.22		(0.02)		0.19
Net income (loss) attributable to common stockholders	$	2.60	$	(0.38)	$	4.70	$	(1.46)

Diluted EPS attributable to common stockholders:
Income (loss) from continuing operations	$	2.34	$	(0.60)	$	4.33	$	(1.65)
(Loss) income from discontinued operations	(0.01)		0.22		(0.02)		0.19
Net income (loss) attributable to common stockholders	$	2.33	$	(0.38)	$	4.31	$	(1.46)