Earnings Per Share (“EPS”)

9 Months Ended

Sep. 30, 2023

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 net income (loss) from continuing operations available to A&B common shareholders and net income (loss) available to A&B common shareholders (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Income (loss) from continuing operations	$	12.0	$	5.8	$	32.3	$	20.9


Distributions and allocations to participating securities	—		(0.1)		(0.1)		(0.2)
Income (loss) from continuing operations available to A&B shareholders	12.0		5.7		32.2		20.7
Income (loss) from discontinued operations	3.9		1.0		3.9		1.3
Exclude: Loss (income) attributable to discontinued noncontrolling interest	(1.3)		(0.4)		(2.9)		(1.2)
Net income (loss) available to A&B common shareholders	$	14.6	$	6.3	$	33.2	$	20.8

The number of shares used to compute basic and diluted earnings per share is as follows (in millions):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Denominator for basic EPS - weighted average shares outstanding	72.6	72.7	72.6	72.7
Effect of dilutive securities:
Restricted stock unit awards	0.2	0.1	0.2	0.1

Denominator for diluted EPS - weighted average shares outstanding	72.8	72.8	72.8	72.8

The number of anti-dilutive securities, excluded from the calculation of diluted earnings per common share, consisted of the following (in millions):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Number of anti-dilutive securities	0.1	0.1	0.1	0.1