Earnings Per Share

12 Months Ended

Dec. 31, 2023

12. Earnings per Share

Total outstanding shares as of December 31, 2023, 2022, and 2021 were 94.9 million, 94.3 million and 95.8 million, respectively. Under our stock repurchase authorization, for each of the years ended December 31, 2023 and 2021, we did not repurchase and retire any shares. For the year ended December 31, 2022 there were 2.7 million shares repurchased and retired. For the years ended December 31, 2023, 2022, and 2021, we acquired 0.3 million, 0.3 million and 0.1 million shares, respectively, related to tax withholding in connection with stock-based compensation.

The calculation of basic earnings per share of common stock is based on the weighted-average number of shares of common stock outstanding in the year, or period, over which they were outstanding. Our calculation of diluted earnings per share of common stock assumes that any shares of common stock outstanding were increased by shares that would be issued upon exercise of those stock awards for which the average market price for the period exceeds the exercise price less the shares that could have been purchased by the Company with the related proceeds, including compensation expense measured but not yet recognized.

Our weighted-average shares outstanding for the years ended December 31, 2023, 2022, and 2021 were as follows:


	Year Ended December 31,
(in millions)	2023		2022		2021
Weighted-average number of shares of common stock outstanding - basic		95.3		95.3		95.5
Effect of dilutive securities:
Stock options		—		—		0.1
Restricted stock units		—		—		1.5
Weighted-average shares and assumed conversions - diluted(1)		95.3		95.3		97.1

(1)

Due to the net loss during the twelve months ended December 31, 2023 and 2022, the denominator in the diluted earnings per share calculation does not include the effects of the stock awards for which the average market price for the period exceeds the exercised price, as it would result in a less dilutive computation. As a result, diluted earnings per share for the twelve months ended December 31, 2023 and 2022 are the same as basic earnings per share.

Awards of potentially dilutive shares of common stock, which have exercise prices that were higher than the average market price during the period, are not included in the computation of dilutive earnings per share as their effect would have been anti-dilutive. For the years ended December 31, 2023, 2022, and 2021, the number of anti-dilutive shares were approximately 9.9 million, 9.8 million and 8.3 million, respectively.