Earnings Per Share

6 Months Ended

Jun. 30, 2025

12. Earnings per Share

The computation of earnings per share for the three and six months ended June 30, 2025 and 2024 was as follows:


	Three Months Ended June 30,					Six Months Ended June 30,
(in millions except per share data)	2025		2024			2025		2024
Net income (loss)	$	29.2	$	(125.2	)	$	16.0	$	(131.5	)
Determination of shares:
Weighted-average number of common shares outstanding		91.6		96.8			92.5		96.3
Shares issuable on exercise of stock awards, net of shares assumed to be purchased out of proceeds at average market price		1.5		—			1.8		—
Average common shares outstanding for fully diluted computation(1)		93.1		96.8			94.3		96.3

Per share:
Basic income (loss) per share	$	0.32	$	(1.29	)	$	0.17	$	(1.37	)
Diluted income (loss) per share	$	0.31	$	(1.29	)	$	0.17	$	(1.37	)
Shares outstanding as of June 30,							90.1		95.8

(1)

Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.

For the three months ended June 30, 2025 and 2024, approximately 11.9 million and 9.3 million shares, respectively, and for the six months ended June 30, 2025 and 2024, approximately 11.0 million and 8.8 million shares, respectively, were excluded from the computation of diluted earnings per share as their effect would have been anti-dilutive.

Under our stock repurchase program, for each of the three months ended June 30, 2025 and 2024 and six months ended June 30, 2024, we did not repurchase or retire any shares. For the six months ended June 30, 2025, we repurchased and retired 3.2 million shares. For each of the six months ended June 30, 2025 and 2024, we acquired 0.2 million and 0.4 million shares, respectively, related to tax withholding for share-based compensation.