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Net Income (Loss) from Continuing Operations Per Share | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share [Abstract] |
Net Income (Loss) from Continuing Operations Per Share | Income (Loss) from Continuing Operations Per Share The following table sets forth the computation of income (loss) from continuing operations per share (in millions except per share amounts):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Income (loss) from continuing operations | $ | 28.4 |  |  | $ | 12.7 |  |  | 57.6 |  |  | $ | (168.4) |
Series A Preferred Stock dividends | (11.1) |  |  | (11.1) |  |  | (33.3) |  |  | (33.3) |
Income from continuing operations attributable to participating securities | (4.3) |  |  | (0.4) |  |  | (6.0) |  |  | — |
Income (loss) from continuing operations attributable to common stockholders | $ | 13.0 |  |  | $ | 1.2 |  |  | $ | 18.3 |  |  | $ | (201.7) |
Weighted average common shares outstanding | 108.2 |  |  | 109.2 |  |  | 108.4 |  |  | 109.3 |
Effect of dilutive stock options and restricted stock awards | 0.8 |  |  | 0.7 |  |  | 0.8 |  |  | — |
Weighted average common shares outstanding and potential common shares | 109.0 |  |  | 109.9 |  |  | 109.2 |  |  | 109.3 |
Income (loss) from continuing operations per share |  |  |  |  |  |  |
Basic | $ | 0.12 |  |  | $ | 0.01 |  |  | $ | 0.17 |  |  | $ | (1.84) |
Diluted | $ | 0.12 |  |  | $ | 0.01 |  |  | $ | 0.17 |  |  | $ | (1.84) |
The Company includes participating securities (Series A Preferred Stock) in the computation of income from continuing operations per share pursuant to the two-class method. The two-class method of calculating income from continuing operations per share is an allocation method that calculates earnings per share for common stock and participating securities. Under the two-class method, total dividends provided to the holders of the Series A Preferred Stock and undistributed earnings allocated to participating securities are subtracted from income from continuing operations in determining income attributable to common stockholders. The effect of stock options and restricted stock on income from continuing operations per share-diluted is determined through the application of the treasury stock method, whereby net proceeds received by the Company based on assumed exercises are hypothetically used to repurchase our common stock at the average market price during the period. Stock options that would have an anti-dilutive effect on income from continuing operations per diluted share, unexercisable market options and PRSUs subject to performance conditions which have not yet been satisfied are excluded from the calculations. Approximately 0.4 million, 0.4 million and 0.4 million service options were excluded from the calculation of diluted income from continuing operations per share for the three and nine months ended September 30, 2024 and the three months ended September 30, 2023, respectively, and all of the market options were excluded from the calculation for the three and nine months ended September 30, 2024 and the three months ended September 30, 2023. In addition, approximately 1.3 million, 1.3 million and 1.5 million PRSUs were excluded from the calculation of diluted income from continuing operations per share for the three and nine months ended September 30, 2024 and the three months ended September 30, 2023, respectively. In accordance with U.S. GAAP, no potential common shares were included in the computation of diluted income from continuing operations per share for the nine months ended September 30, 2023, because to do so would have been anti-dilutive based on the period undistributed loss from continuing operations. Total options outstanding at September 30, 2024 and 2023 were 4.3 million and 5.0 million, respectively.

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