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Earnings (Loss) Per Common Share | 12 Months Ended
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Dec. 31, 2022
Earnings Per Share [Abstract] |
Earnings (Loss) Per Common Share | Earnings (Loss) Per Common Share Basic earnings (loss) per common share is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted earnings (loss) per common share (“Diluted EPS”) takes into account the potential dilution that could occur if outstanding securities were exercised or settled in shares. Dilutive securities that may impact Diluted EPS include shares underlying outstanding stock options, restricted stock units and performance share units granted to employees and non-employee directors (see Note 15), as well as common shares underlying the Convertible Notes (see Note 7). Dilutive securities related to shares underlying outstanding stock options, restricted stock units and performance share units granted to employees and non-employee directors are included in the calculation of diluted earnings (loss) per common share using the treasury stock method. Dilutive securities related to common shares underlying the Convertible Notes are included in the calculation of diluted earnings per common share using the if-converted method (see Note 3). Basic and diluted weighted-average common shares outstanding are the same in periods when a net loss is reported or in periods when anti-dilution occurs. The following table summarizes the computation of basic and diluted earnings per share (in millions, except per share data):
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Earnings (loss) per common share—basic |  |  |  |  |
Net income (loss) | $ | 157.9 |  |  | $ | 322.0 |  |  | $ | (126.9) |
Weighted-average common shares outstanding—basic(1) | 184.9 |  |  | 169.1 |  |  | 94.2 |
Earnings (loss) per common share—basic | $ | 0.85 |  |  | $ | 1.90 |  |  | $ | (1.35) |
Earnings (loss) per common share—diluted |  |  |  |  |
Net income (loss) | $ | 157.9 |  |  | $ | 322.0 |  |  | $ | (126.9) |
Interest expense(2) | 6.4 |  |  | — |  |  | — |
Net income (loss) attributable to earnings per common share—diluted | $ | 164.3 |  |  | $ | 322.0 |  |  | $ | (126.9) |
Weighted-average common shares outstanding—basic(1) | 184.9 |  |  | 169.1 |  |  | 94.2 |
Convertible Notes weighted-average shares outstanding(2) | 14.7 |  |  | 5.9 |  |  | — |
Outstanding options, restricted stock units and performance share units | 1.7 |  |  | 1.9 |  |  | — |
Weighted-average common shares outstanding—diluted | 201.3 |  |  | 176.9 |  |  | 94.2 |
Earnings (loss) per common share—diluted | $ | 0.82 |  |  | $ | 1.82 |  |  | $ | (1.35) |
(1) In connection with the Topgolf merger, the Company issued 89.8 million shares of its common stock to shareholders of Topgolf, and 0.2 million shares of its common stock for restricted stock awards converted in the merger (see Note 6), of which 73.7 million weighted-average shares were included in the basic and diluted share calculations for the year ended December 31, 2021, based on the number of days the shares were outstanding during the period.
(2) As of January 1, 2022, in connection with the adoption of ASU 2020-06 (see Note 3), the Company uses the if-converted method for calculating the dilutive weighted-average shares outstanding related to the Convertible Notes when calculating earnings (loss) per common share—diluted. Under this method, interest expense related to the Convertible Notes for the respective period is excluded from net income. Prior to the adoption of ASU 2020-06, the Company used the treasury stock method for calculating the dilutive impact from the Convertible Notes.
Options, Restricted Stock Units and Performance Share Units For the year ended December 31, 2022, approximately 1.3 million securities outstanding, comprised of stock options and restricted stock units, were excluded from the calculation of dilutive earnings per common share, as they would be anti-dilutive. For the years ended December 31, 2021 and 2020, approximately 1.3 million and 2.1 million securities outstanding, respectively, comprised of stock options, restricted stock units, performance share units and common shares underlying the Convertible Notes were excluded from the calculation of diluted earnings (loss) per common share, as they would be anti-dilutive.

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