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Earnings (Loss) Per Share | 9 Months Ended
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Sep. 30, 2022
Earnings Per Share [Abstract] |
Earnings (Loss) Per Share | Earnings (Loss) Per Share 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 September 30,
| 2022 |  | 2021
| Net Income (Loss) |  | Shares (in millions) |  | Per Share |  | Net Income (Loss) |  | Shares (in millions) |  | Per Share
Net income (loss) | $ | 44.3 |  |  |  |  |  |  | $ | (52.4) |  |  |  |  |
Less: net income allocated to participating securities | 2.7 |  |  |  |  |  |  | — |  |  |  |  |
Basic EPS: |  |  |  |  |  |  |  |  |  |  |
Net income (loss) allocated to common stockholders | $ | 41.6 |  |  | 91.3 |  |  | $ | 0.46 |  |  | $ | (52.4) |  |  | 90.1 |  |  | $ | (0.58) |
Effect of Dilutive Securities(1): |  |  |  |  |  |  |  |  |  |  |
Share-based compensation | (0.4) |  |  | 1.4 |  |  |  |  | — |  |  | — |  |  |
Convertible senior notes | 0.7 |  |  | 4.6 |  |  |  |  | — |  |  | — |  |  |
Diluted EPS: |  |  |  |  |  |  |  |  |  |  |
Net income (loss) allocated to common stockholders with assumed conversion | $ | 41.9 |  |  | 97.3 |  |  | $ | 0.43 |  |  | $ | (52.4) |  |  | 90.1 |  |  | $ | (0.58) |
| For the nine months ended September 30,
| 2022 |  | 2021
| Net Income (Loss) |  | Shares (in millions) |  | Per Share |  | Net Income (Loss) |  | Shares (in millions) |  | Per Share
Net income (loss) | $ | 99.4 |  |  |  |  |  |  | $ | (227.5) |  |  |  |  |
Less: net income allocated to participating securities | 6.0 |  |  |  |  |  |  | — |  |  |  |  |
Basic EPS: |  |  |  |  |  |  |  |  |  |  |
Net income (loss) allocated to common stockholders | $ | 93.4 |  |  | 91.3 |  |  | $ | 1.02 |  |  | $ | (227.5) |  |  | 90.1 |  |  | $ | (2.52) |
Effect of Dilutive Securities: |  |  |  |  |  |  |  |  |  |  |
Share-based compensation | (1.2) |  |  | 1.7 |  |  |  |  | — |  |  | — |  |  |
Convertible senior notes | 2.1 |  |  | 4.6 |  |  |  |  | — |  |  | — |  |  |
Diluted EPS: |  |  |  |  |  |  |  |  |  |  |
Net income (loss) allocated to common stockholders with assumed conversion | $ | 94.3 |  |  | 97.6 |  |  | $ | 0.97 |  |  | $ | (227.5) |  |  | 90.1 |  |  | $ | (2.52) |
| Three months ended September 30, |  | Nine months ended September 30, |  |
Securities excluded from the calculation of diluted EPS (in millions)(1): | 2022 |  | 2021 |  | 2022 |  | 2021 |  |  |  |
Share-based compensation | — |  |  | 2.5 |  |  | — |  |  | 2.5 |  |  |  |  |
Convertible preferred shares | 5.8 |  |  | 6.3 |  |  | 5.8 |  |  | 6.3 |  |  |  |  |
Convertible senior notes | — |  |  | 4.8 |  |  | — |  |  | 4.8 |  |  |  |  |
(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.

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