Net Loss Per Share

3 Months Ended

Mar. 31, 2024

The Company uses the two-class method to calculate Net loss per share. The Company has granted restricted stock that contains non-forfeitable rights to dividends on unvested shares. Since these unvested shares are considered participating securities under the two-class method, the Company allocates loss per share to common stock and participating securities according to dividends declared and participation rights in undistributed earnings.

Diluted net loss per common share is computed based on Net loss divided by the weighted average number of common and potential common shares outstanding. Potential common shares during the respective periods are those related to dilutive stock-based compensation, including long-term stock-based incentive compensation and directors’ accumulated deferred stock compensation, which may be received by the directors in the form of stock or cash.

A reconciliation of the average number of common and potential common shares outstanding used in the calculations of basic and diluted net loss per share follows (in millions, shares in thousands):




	Three Months Ended March 31,
		2024		2023
Numerator (basic and diluted):
Net loss		$	(28.0)	$	(7.7)
Less: Dividends to participating securities		—		(0.1)

Net loss attributable to Common Stockholders		$	(28.0)	$	(7.8)

Denominator:
Average number of common shares outstanding		54,267.9		54,483.0
Effect of dilutive stock-based compensation(1)		—		—
Average number of common and potential common shares outstanding		54,267.9		54,483.0

(1) Diluted loss per share excludes an immaterial amount of weighted average potential common shares for the three months ended March 31, 2024 and 2023 as their inclusion would be anti-dilutive.