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(Loss) Earnings Per Common Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
(Loss) Earnings Per Common Share (Loss) Earnings Per Common Share
Basic (loss) earnings per common share (“Basic EPS”) is computed by dividing net (loss) income by the weighted-average number of common shares outstanding for the period.
Diluted (loss) earnings 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, RSUs and PRSUs 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, RSUs and PRSUs granted to employees and non-employee directors are included in the calculation of diluted earnings 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 EPS using the if-converted method. 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 EPS (in millions, except per share data):
Year Ended December 31,
 202420232022
(Loss) earnings per common share—basic
Net (loss) income$(1,447.7)$95.0 $157.9 
Weighted-average common shares outstanding—basic183.7 185.0 184.9 
(Loss) earnings per common share—basic$(7.88)$0.51 $0.85 
Earnings per common share—diluted
Net (loss) income$(1,447.7)$95.0 $157.9 
Interest expense— 6.5 6.4 
Net (loss) income attributable to earnings per common share—diluted$(1,447.7)$101.5 $164.3 
Weighted-average common shares outstanding—basic183.7 185.0 184.9 
Incremental shares for assumed conversion of Convertible Notes— 14.7 14.7 
Outstanding options, restricted stock units and performance share units— 1.4 1.7 
Weighted-average common shares outstanding—diluted183.7 201.1 201.3 
(Loss) earnings per common share—diluted$(7.88)$0.50 $0.82 
Anti-Dilutive Options and Restricted Stock Units
For the year ended December 31, 2024, Basic and Diluted EPS are equivalent due to the net loss position. For the year ended December 31, 2023, approximately 2.3 million securities outstanding, comprised of stock options and restricted stock units, were excluded from the calculation of Diluted EPS, as they would be anti-dilutive. For the year ended December 31, 2022, approximately 1.3 million securities outstanding, comprised of stock options, restricted stock units and performance share units, were excluded from the calculation of Diluted EPS, as they would be anti-dilutive.