Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2022

Basic earnings (loss) per share ("EPS") amounts are calculated by dividing net income (loss) allocated to common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS amounts assume the issuance of common stock for all potentially dilutive securities.

The following table shows the basic and diluted earnings (loss) per share:


	For the three months ended March 31,
	2022					2021
	Net Income (Loss)		Shares (in millions)	Per Share		Net Income (Loss)		Shares (in millions)	Per Share
Net income (loss)	$	17.7				$(140.0)
Less: net income allocated to participating securities	1.1					—
Basic EPS:
Net income (loss) allocated to common stockholders	$	16.6	91.2	$	0.18	$	(140.0)	90.1	$	(1.55)
Effect of Dilutive Securities(1):
Share-based compensation	—		1.1			—		—
Convertible senior notes	0.7		4.8			—		—
Diluted EPS:
Net income (loss) allocated to common stockholders with assumed conversion	$	17.3	97.1	$	0.18	$	(140.0)	90.1	$	(1.55)


	Three Months Ended March 31,
Securities excluded from the calculation of diluted EPS (in millions)(1):	2022	2021


Share-based compensation	0.7	2.2
Convertible preferred shares	5.9	6.4

(1) In periods when we report a net loss, all share-based compensation awards, convertible preferred shares and convertible senior notes are excluded from the calculation of diluted weighted average shares outstanding because of their anti-dilutive effect on earnings (loss) per share.