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Earnings (Loss) Per Share Attributable to Quad/Graphics Common Shareholders
 9 Months Ended
Sep. 30, 2020
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share Attributable to Quad/Graphics Common Shareholders Earnings (Loss) Per Share Attributable to Quad Common Shareholders
Basic earnings (loss) per share attributable to Quad common shareholders is computed as net earnings (loss) attributable to Quad common shareholders divided by the basic weighted average common shares outstanding. The calculation of diluted earnings (loss) per share attributable to Quad common shareholders includes the effect of any dilutive equity incentive instruments. The Company uses the treasury stock method to calculate the effect of outstanding dilutive equity incentive instruments, which requires the Company to compute total proceeds as the sum of the amount the employee must pay upon exercise of the award and the amount of unearned stock-based compensation costs attributable to future services.

Equity incentive instruments for which the total employee proceeds from exercise exceed the average fair value of the same equity incentive instrument over the period have an anti-dilutive effect on earnings per share during periods with net earnings from continuing operations, and accordingly, the Company excludes them from the calculation. Anti-dilutive equity instruments excluded from the computation of diluted net earnings per share were 1.8 million class A common shares for the three months ended September 30, 2020. Due to the net loss incurred during the nine months ended September 30, 2020, and during the three and nine months ended September 30, 2019, the assumed exercise of all equity incentive instruments was anti-dilutive and therefore, not included in the diluted loss per share calculation.
Reconciliations of the numerator and the denominator of the basic and diluted per share computations for the Company’s common stock, including the impact of discontinued operations, for the three and nine months ended September 30, 2020 and 2019, are summarized as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Numerator
Net earnings (loss) from continuing operations$2.7 $(47.0)$(20.9)$(62.8)
Less: net earnings (loss) attributable to noncontrolling interests— 0.1 (0.2)(0.1)
Net earnings (loss) from continuing operations attributable to Quad common shareholders2.7 (47.1)(20.7)(62.7)
Loss from discontinued operations, net of tax(1.1)(79.4)(13.6)(101.1)
Net earnings (loss) attributable to Quad common shareholders$1.6 $(126.5)$(34.3)$(163.8)
Denominator
Basic weighted average number of common shares outstanding for all classes of common shares50.7 50.1 50.6 50.0 
Plus: effect of dilutive equity incentive instruments0.4 — — — 
Diluted weighted average number of common shares outstanding for all classes of common shares51.1 50.1 50.6 50.0 
Loss per share attributable to Quad common shareholders
Basic:
Continuing operations$0.05 $(0.94)$(0.41)$(1.26)
Discontinued operations(0.02)(1.58)(0.27)(2.02)
Basic earnings (loss) per share attributable to Quad common shareholders$0.03 $(2.52)$(0.68)$(3.28)
Diluted:
Continuing operations$0.05 $(0.94)$(0.41)$(1.26)
Discontinued operations(0.02)(1.58)(0.27)(2.02)
Diluted earnings (loss) per share attributable to Quad common shareholders$0.03 $(2.52)$(0.68)$(3.28)
Cash dividends paid per common share for all classes of common shares$— $0.30 $0.15 $0.90