Earnings Per Share (“EPS”)

12 Months Ended

Dec. 31, 2020

Earnings Per Share ("EPS")

Basic earnings per common share excludes dilution and is calculated by dividing net earnings allocated to common shares by the weighted-average number of common shares outstanding for the period. Diluted earnings per common share is calculated by dividing net earnings allocated to common shares by the weighted-average number of common shares outstanding for the period, as adjusted for the potential dilutive effect of non-participating share-based awards, as well as adjusted by the number of additional shares, if any, that would have been outstanding had the potentially dilutive common shares been issued.

The following table provides a reconciliation of income (loss) from continuing operations to income (loss) from continuing operations available to A&B shareholders and net income (loss) available to A&B shareholders for the years ended December 31, 2020, 2019 and 2018 (in millions):


	2020		2019		2018
Income (loss) from continuing operations	$	6.0	$	(36.9)	$	(69.2)
Exclude: (Income) loss attributable to noncontrolling interest	0.4		2.0		(2.2)
Income (loss) from continuing operations attributable to A&B shareholders	6.4		(34.9)		(71.4)
Exclude: (Increase) decrease in carrying value of redeemable non-controlling interest	—		—		—
Income (loss) from continuing operations available to A&B shareholders	6.4		(34.9)		(71.4)
Distributions and allocations to participating securities	(0.1)		(0.2)		—
Income (loss) from continuing operations available to A&B common shareholders	6.3		(35.1)		(71.4)
Income (loss) from discontinued operations available to A&B common shareholders	(0.8)		(1.5)		(0.6)
Net income (loss) available to A&B common shareholders	$	5.5	$	(36.6)	$	(72.0)

The number of shares used to compute basic and diluted earnings per share for the years ended December 31, 2020, 2019 and 2018 were as follows (in millions):


	2020	2019	2018
Denominator for basic EPS - weighted average shares outstanding	72.3	72.2	70.6
Effect of dilutive securities:
Stock options and restricted stock unit awards	0.1	—	—
Special Distribution	—	—	—
Denominator for diluted EPS - weighted average shares outstanding	72.4	72.2	70.6

There were 0.3 million and 0.2 million shares of anti-dilutive securities outstanding during the year ended December 31, 2020 and December 31, 2019, respectively. There were no shares of anti-dilutive securities outstanding during the year ended December 31, 2018.