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Net Income (Loss) per Common Share | 9 Months Ended
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Sep. 30, 2022
Earnings Per Share [Abstract] |
Net Income (Loss) per Common Share | Net Income (Loss) per Common Share Net income (loss) per common share - basic was calculated based upon the weighted average number of common shares outstanding during the respective periods presented using the two-class method of computing earnings per share. The two-class method was used as the Company has outstanding restricted stock with rights to dividend participation for unvested shares. Undistributed net income is allocated between common shares outstanding and participating securities to the extent that each security may share in earnings as if all of the earnings for the period had been distributed. Undistributed net losses are not allocated to our participating securities as these participating securities do not have a contractual obligation to share in losses. Net income (loss) per common share - diluted was calculated based upon the weighted average number of common shares outstanding and included the equivalent shares for dilutive options outstanding during the respective periods, including unvested options. The dilutive effect of outstanding options and restricted stock issued by the Company is reflected in net income per share - diluted using the treasury stock method. Under the treasury stock method, options will only have a dilutive effect when the average market price of common stock during the period exceeds the exercise price of the options. The following table presents the computation of basic and diluted net income (loss) per share under the two-class method for the three and nine months ended September 30, 2022 and 2021 (in millions, except for per share amounts):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Net income from continuing operations |  | $ | 20.3 |  |  | $ | 23.2 |  |  | 64.7 |  |  | 49.8 |
Less: Distributed net income available to participating securities |  | 0.0 |  |  | 0.0 |  |  | (0.1) |  |  | (0.1) |
Less: Undistributed net income available to participating securities |  | (0.1) |  |  | (0.1) |  |  | (0.2) |  |  | (0.1) |
Numerator for basic net income per share: |  |  |  |  |  |  |  |
Undistributed and distributed net income available to common shareholders |  | $ | 20.2 |  |  | $ | 23.1 |  |  | $ | 64.4 |  |  | $ | 49.6 |
Add: Undistributed net income allocated to participating securities |  | 0.1 |  |  | 0.1 |  |  | 0.2 |  |  | 0.1 |
Less: Undistributed net income reallocated to participating securities |  | (0.1) |  |  | (0.1) |  |  | (0.2) |  |  | (0.1) |
Numerator for diluted net income per share: |  |  |  |  |  |  |  |
Undistributed and distributed net income available to common shareholders |  | $ | 20.2 |  |  | $ | 23.1 |  |  | 64.4 |  |  | 49.6 |
Denominator: |  |  |  |  |  |  |  |
Weighted average shares outstanding for basic net income per share |  | 38.0 |  |  | 37.8 |  |  | 38.0 |  | 37.7
Effect of dilutive securities |  | 0.1 |  |  | 0.2 |  |  | 0.1 |  | 0.2
Weighted average shares outstanding for diluted net income per share |  | 38.1 |  |  | 38.0 |  |  | 38.1 |  | 37.9 |
Net income per share from continuing operations: |  |  |  |  |  |  |  |
Basic |  | $ | 0.53 |  |  | $ | 0.61 |  |  | $ | 1.70 |  |  | $ | 1.31 |
Diluted |  | $ | 0.53 |  |  | $ | 0.61 |  |  | $ | 1.69 |  |  | $ | 1.31 |
Net (loss) income from discontinued operations |  | $ | (0.1) |  |  | $ | (0.1) |  |  | $ | 0.3 |  |  | $ | 10.5 |
Less: Undistributed net income available to participating securities |  | 0.0 |  |  | 0.0 |  |  | 0.0 |  |  | (0.1) |
Numerator for basic net (loss) income per share: |  |  |  |  |  |  |  |
Undistributed and distributed net (loss) income available to common shareholders |  | $ | (0.1) |  |  | $ | (0.1) |  |  | $ | 0.3 |  |  | $ | 10.4 |
Add: Undistributed net income allocated to participating securities |  | 0.0 |  |  | 0.0 |  |  | 0.0 |  |  | 0.1 |
Less: Undistributed net income reallocated to participating securities |  | 0.0 |  |  | 0.0 |  |  | 0.0 |  |  | (0.1) |
Numerator for diluted net (loss) income per share: |  |  |  |  |  |  |  |
Undistributed and distributed net (loss) income available to common shareholders |  | $ | (0.1) |  |  | $ | (0.1) |  |  | $ | 0.3 |  |  | $ | 10.4 |
Net (loss) income per share from discontinued operations: |  |  |  |  |  |  |  |
Basic |  | $ | 0.00 |  |  | $ | 0.00 |  |  | $ | 0.01 |  |  | $ | 0.28 |
Diluted |  | $ | 0.00 |  |  | $ | 0.00 |  |  | $ | 0.01 |  |  | $ | 0.28 |
Net income per share: |  |  |  |  |  |  |  |
Basic |  | $ | 0.53 |  |  | $ | 0.61 |  |  | $ | 1.71 |  |  | $ | 1.59 |
Diluted |  | $ | 0.53 |  |  | $ | 0.61 |  |  | $ | 1.70 |  |  | $ | 1.59 |
Potentially dilutive securities |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |
Potentially dilutive securities attributable to outstanding stock options, restricted stock units, and performance share units are excluded from the calculation of diluted earnings per share when the combined exercise price and average unamortized fair value are greater than the average market price of Global Industrial Company's common stock during the period, and their inclusion would be anti-dilutive.

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