Earnings Per Share

9 Months Ended

Sep. 30, 2025

12. Earnings per Share

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions except per share data)	2025		2024		2025		2024
Net income (loss)	$	4.0	$	9.3	$	20.0	$	(122.2	)
Determination of shares:
Weighted-average number of common shares outstanding		91.7		96.0		92.1		96.2
Shares issuable on exercise of stock awards, net of shares assumed to be purchased out of proceeds at average market price		1.6		1.5		1.8		—
Average common shares outstanding for fully diluted computation(1)		93.3		97.5		93.9		96.2

Per share:
Basic income (loss) per share	$	0.04	$	0.10	$	0.22	$	(1.27	)
Diluted income (loss) per share	$	0.04	$	0.09	$	0.21	$	(1.27	)
Shares outstanding as of September 30,						90.1		93.4

(1)

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

For the three months ended September 30, 2025 and 2024, approximately 11.9 million and 10.0 million shares, respectively, and for the nine months ended September 30, 2025 and 2024, approximately 11.2 million and 10.2 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 three months ended September 30, 2025, we did not repurchase or retire any shares. For the nine months ended September 30, 2025, we repurchased and retired 3.2 million shares. For each of the three and nine months ended September 30, 2024, we repurchased and retired 2.4 million shares. For each of the nine months ended September 30, 2025 and 2024, we acquired 0.2 million and 0.4 million shares, respectively, related to tax withholding for share-based compensation.