Earnings Per Share

3 Months Ended

Mar. 31, 2024

Basic and diluted earnings per share ("EPS") amounts are calculated using the two-class method. Under the two-class method, net earnings are allocated to each class of common stock and participating securities as if all of the net earnings for the period had been distributed. Basic earnings per common share excludes dilution and is 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. Prior to the three months ended March 31, 2024, diluted EPS amounts were calculated by applying the if-converted method as net income allocated to participating securities was not significant.

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


	For the three months ended March 31,
	2024					2023
	Net Income (Loss)		Shares (in millions)	$ Per Share		Net Income (Loss)		Shares (in millions)	$ Per Share
Net income (loss) attributable to Century stockholders	$	246.8				$	(38.6)
Less: net income allocated to participating securities	13.2					—
Basic EPS:
Net income (loss) allocated to common stockholders	$	233.6	92.7	$	2.52	$	(38.6)	92.3	$	(0.42)
Effect of Dilutive Securities(1):
Share-based compensation	(12.7)		1.4			—		—
Convertible senior notes	1.9		4.6			—		—
Diluted EPS:
Net income (loss) allocated to common stockholders	$	222.8	98.7	$	2.26	$	(38.6)	92.3	$	(0.42)


	Three months ended March 31,
Securities excluded from the calculation of diluted EPS (in millions)(1):	2024	2023
Share-based compensation	—	0.9
Convertible preferred shares	5.2	5.4
Convertible notes	—	4.6

(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.