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Earnings (Loss) Per Share | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share [Abstract] |
Earnings (Loss) Per Share | Note 6 - Earnings (Loss) Per Share Basic earnings (loss) per share is computed based upon the weighted average number of common shares outstanding. Diluted earnings (loss) per share is computed based upon the weighted average number of common shares outstanding plus the dilutive effect of common share equivalents calculated using the treasury stock method or if-converted method. For the Convertible Notes, the Company utilizes the if-converted method to calculate diluted earnings (loss) per share. Under the if-converted method, the Company adjusts net earnings to add back interest expense (including amortization of debt issuance costs) recognized on the Convertible Notes and includes the number of shares potentially issuable related to the Convertible Notes in the weighted average shares outstanding. Treasury shares are excluded from the denominator in calculating both basic and diluted earnings (loss) per share. Equity-based Awards Common share equivalents for shares issuable for equity-based awards amounted to 2.4 million shares for the three months ended September 30, 2024. For the three months ended September 30, 2024, common share equivalents for shares issuable for equity-based awards were excluded from the computation of diluted earnings (loss) per share, because the effect of their inclusion would have been anti-dilutive. Common share equivalents for shares issuable for equity-based awards amounted to 2.6 million shares for the nine months ended September 30, 2024. For the nine months ended September 30, 2024, 0.6 million shares were excluded from the computation of diluted earnings (loss) per share, primarily related to options with exercise prices above the average market price of our common shares (i.e., “underwater” options), because the effect of their inclusion would have been anti-dilutive. The difference between the remaining 2.0 million shares assumed issued and the 0.9 million shares assumed purchased with potential proceeds for the nine months ended September 30, 2024 were included in the denominator of the diluted earnings (loss) per share calculation. Common share equivalents for shares issuable for equity-based awards amounted to 3.4 million shares for the three and nine months ended September 30, 2023. For the three and nine months ended September 30, 2023, 0.3 million shares and 0.7 million shares, respectively, were excluded from the computation of diluted earnings (loss) per share, primarily related to options with exercise prices above the average market price of our common shares (i.e., “underwater” options), because the effect of their inclusion would have been anti-dilutive. The difference between the remaining 3.1 million shares and 2.7 million shares assumed issued and the 1.0 million shares and 0.7 million shares assumed purchased with potential proceeds for the three and nine months ended September 30, 2023, respectively, were included in the denominator of the diluted earnings (loss) per share calculation. Convertible Notes Common share equivalents for shares issuable upon the conversion of outstanding Convertible Notes were excluded in the computation of diluted earnings (loss) per share for the three months ended September 30, 2024 as these shares would be anti-dilutive. Common share equivalents for shares issuable upon the conversion of outstanding Convertible Notes were included in the computation of diluted earnings (loss) per share for the nine months ended September 30, 2024 as these shares would be dilutive. The reduction in the dilutive effect on convertible notes is attributable to the repurchase of outstanding Convertible Notes that occurred in the first quarter of 2023. For additional details regarding the Convertible Notes please refer to “Note 14 - Financing Arrangements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The following table sets forth the reconciliation of the numerator and the denominator of basic and diluted earnings (loss) per share for the three and nine months ended September 30, 2024 and 2023:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss), basic |  | $ | (5.9 | ) |  | $ | 24.8 |  |  | $ | 22.7 |  |  | $ | 68.1 |
Add convertible notes interest |  |  | — |  |  |  | 0.2 |  |  |  | 0.6 |  |  |  | 0.8 |
Net income (loss), diluted |  | $ | (5.9 | ) |  | $ | 25.0 |  |  | $ | 23.3 |  |  | $ | 68.9 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average shares outstanding, basic |  |  | 43.1 |  |  |  | 44.1 |  |  |  | 43.4 |  |  |  | 44.0 |
Dilutive effect of stock-based awards |  |  | — |  |  |  | 2.1 |  |  |  | 1.1 |  |  |  | 2.0 |
Dilutive effect of convertible notes |  |  | — |  |  |  | 1.7 |  |  |  | 1.7 |  |  |  | 2.0 |
Weighted average shares outstanding, diluted |  |  | 43.1 |  |  |  | 47.9 |  |  |  | 46.2 |  |  |  | 48.0 |
Basic earnings (loss) per share |  | $ | (0.13 | ) |  | $ | 0.56 |  |  | $ | 0.52 |  |  | $ | 1.55 |
Diluted earnings (loss) per share |  | $ | (0.13 | ) |  | $ | 0.51 |  |  | $ | 0.49 |  |  | $ | 1.43 |

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