Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2025

Basic earnings (loss) per share is based on the weighted average number of common shares outstanding. Diluted earnings (loss) per share is based on the weighted average number of common shares outstanding and all dilutive potential common shares outstanding.

The following table sets forth the computation of basic and diluted earnings (loss) per share:


(Dollars and shares in millions, except per share amounts)	Three Months Ended				Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Numerator:
Net income (loss)	$	8.6	$	10.7	$	(66.4)	$	26.6
Denominator:
Weighted-average shares outstanding - basic	18.1		18.6		18.3		18.6
Effect of dilutive shares	—		—		—		—
Weighted-average shares outstanding - diluted	18.1		18.6		18.3		18.6
Basic earnings (loss) per share	$	0.48	$	0.58	$	(3.63)	$	1.43
Diluted earnings (loss) per share	$	0.48	$	0.58	$	(3.63)	$	1.43

Dilutive shares are calculated using the treasury stock method and primarily include unvested restricted stock units. Anti-dilutive shares are excluded from the calculation of diluted shares and diluted earnings per share. For the three months ended September 30, 2025, and 2024, 0.1 million shares were excluded for both periods. For the nine months September 30, 2024, less than 0.1 million shares were excluded.

For the nine months ended September 30, 2025, the assumed vesting of restricted stock units had an antidilutive effect on diluted loss per share and were excluded from the calculation of diluted loss per share. For the nine months ended September 30, 2025, 0.2 million anti-dilutive shares were excluded from the calculation of diluted loss per share.