Earnings Per Share

12 Months Ended

Dec. 31, 2025

13. Earnings per Share

Total outstanding shares as of December 31, 2025, 2024 and 2023 were 90.1 million, 92.9 million and 94.9 million, respectively. Under our stock repurchase authorization, for the years ended December 31, 2025, and 2024 there were 3.2 million and 2.9 million shares repurchased and retired, respectively. For the year ended December 31, 2023, we did not repurchase any shares. For the years ended December 31, 2025, 2024 and 2023, we acquired 0.2 million, 0.4 million, and 0.3 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. Except when the impact would be anti-dilutive, our calculation of diluted earnings per share of common stock assumes that the number of shares of common stock outstanding is 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, 2025, 2024 and 2023 were as follows:


	Year Ended December 31,
(in millions except per share data)	2025		2024			2023
Net income (loss)	$	41.3	$	(101.6	)	$	(21.8	)
Determination of shares:
Weighted-average number of common shares outstanding		92.1		95.6			95.3
Shares issuable on exercise of stock awards, net of shares assumed to be purchased out of proceeds at average market price		1.9		—			—
Average common shares outstanding for fully diluted computation(1)		94.0		95.6			95.3

Per share:
Basic income (loss) per share	$	0.45	$	(1.06	)	$	(0.23	)
Diluted income (loss) per share	$	0.44	$	(1.06	)	$	(0.23	)
Shares outstanding as of December 31,		90.1		92.9			94.9

(1)

Due to the net loss during the twelve months ended December 31, 2024 and 2023, diluted earnings per share 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, 2025, 2024 and 2023, the number of anti-dilutive shares were approximately 10.4 million, 10.1 million, and 9.9 million, respectively.