(Loss) Earnings Per Common Share

6 Months Ended

Jun. 30, 2025

Basic and diluted (loss) earnings per common share was calculated as follows:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(dollars and shares in millions, except per share amounts)	2025		2024		2025		2024
Net (loss) income	$	(61.2)	$	(35.2)	$	21.7	$	(104.6)

Basic weighted average common shares outstanding	73.0		71.9		72.8		71.7
Denominator adjustments for diluted EPS:
Number of stock options and RSUs	—		—		0.2		—
Denominator adjustments for diluted EPS:	—		—		0.2		—
Diluted weighted average common shares outstanding	73.0		71.9		73.0		71.7

(Loss) earnings per common share
Basic	$	(0.84)	$	(0.49)	$	0.30	$	(1.46)
Diluted	$	(0.84)	$	(0.49)	$	0.30	$	(1.46)

The weighted average number of common shares included in the computation of basic and diluted net loss per common share for the three and six months ended June 30, 2024 gives effect to pre-funded warrants issued in November 2023 which allowed holders to acquire up 3,422,380 shares of common stock at a nominal exercise price of $0.001 per share and were classified as equity. The shares underlying the pre-funded warrants were exercisable for little or no consideration and therefore the underlying shares were considered outstanding at the issuance of the pre-funded warrants for purposes of calculating the weighted average number of common shares outstanding in basic and diluted net loss per share for common share. As of June 30, 2025, all outstanding pre-funded warrants had been cashless exercised for no consideration and the Company issued 3,422,186 shares of common stock to the holders.

The Company reported a net loss for the three months ended June 30, 2025 and therefore excluded all stock options and RSUs from the calculation of diluted net loss per common share as their inclusion would have had an anti-dilutive effect, as summarized below:


			For the Three Months Ended June 30,
			2025
Stock options			9.6

RSUs			4.2
			13.8

The Company reported a net loss for the three and six months ended June 30, 2024 and therefore excluded all stock options and RSUs from the calculation of diluted net loss per common share as their inclusion would have had an anti-dilutive effect, as summarized below:


	For the Three and Six Months Ended June 30,
		2024
Stock options		8.3

RSUs		2.4
		10.7