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Basic and Diluted Income (Loss) Per Common Share | 6 Months Ended
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Jun. 30, 2021
Earnings Per Share [Abstract] |
Basic and Diluted Income Per Common Share | 18. Basic and Diluted Income (Loss) Per Common Share Earnings per share ("EPS") is calculated using the two-class method, which allocates earnings among common stock and participating securities to calculate EPS when an entity's capital structure includes either two or more classes of common stock or common stock and participating securities. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities. As such, shares of any unvested restricted stock of the Company are considered participating securities. The dilutive effect of options and their equivalents (including non-vested stock issued under stock-based compensation plans), is computed using the "treasury" method as this measurement was determined to be more dilutive between the two available methods in each period. The Company had no dilutive common share equivalents during the six months ended June 30, 2021 and 2020 due to results from continuing operations being a loss, net of tax. The following table presents a reconciliation of net income (loss) used in basic and diluted EPS calculations (in millions, except per share amounts):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
(Loss) income from continuing operations |  | $ | (23.7) |  |  | $ | 21.0 |  |  | $ | (66.6) |  |  | $ | (8.9) |
Income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest |  | 1.6 |  |  | (15.3) |  |  | 4.4 |  |  | (12.5) |
(Loss) income from continuing operations attributable to the Company |  | (22.1) |  |  | 5.7 |  |  | (62.2) |  |  | (21.4) |
Less: Preferred dividends, deemed dividends and repurchase gains |  | 0.2 |  |  | 0.4 |  |  | 0.6 |  |  | 0.8 |
(Loss) income from continuing operations attributable to HC2 common stockholders |  | (22.3) |  |  | 5.3 |  |  | (62.8) |  |  | (22.2) |
(Loss) income from discontinued operations |  | (1.5) |  |  | 7.5 |  |  | 50.4 |  |  | (63.6) |
(Loss) income attributable to noncontrolling interest and redeemable noncontrolling interest |  | 0.1 |  |  | (0.1) |  |  | 0.9 |  |  | 15.0 |
(Loss) income from discontinued operations, net of tax and noncontrolling interest |  | (1.4) |  |  | 7.4 |  |  | 51.3 |  |  | (48.6) |
Net (loss) income attributable to common stock and participating preferred stockholders |  | $ | (23.7) |  |  | $ | 12.7 |  |  | $ | (11.5) |  |  | $ | (70.8) |
Earnings allocable to common shares: |  |  |  |  |  |  |  |
Participating shares at end of period: |  |  |  |  |  |  |  |
Weighted-average common stock outstanding |  | 77.0 |  |  | 46.8 |  |  | 77.1 |  |  | 45.9 |
Unvested restricted stock |  |  |  | 0.3 |  |  |  |  |
Preferred stock (as-converted basis) |  |  |  | 2.1 |  |  |  |  |
Total |  | 77.0 |  |  | 49.2 |  |  | 77.1 |  |  | 45.9 |
Percentage of loss allocated to: |  |  |  |  |  |  |  |
Common stock |  | 100.0 | % |  | 95.1 | % |  | 100.0 | % |  | 100.0 | %
Unvested restricted stock |  | — | % |  | 0.6 | % |  | — | % |  | — | %
Preferred stock |  | — | % |  | 4.3 | % |  | — | % |  | — | %
Numerator for earnings per share, basic: |  |  |  |  |  |  |  |
Net (loss) income from continuing operations attributable to common stock, basic |  | $ | (22.3) |  |  | $ | 5.0 |  |  | $ | (62.8) |  |  | $ | (22.2) |
Net (loss) income from discontinued operations attributable to common stock, basic |  | $ | (1.4) |  |  | $ | 7.1 |  |  | $ | 51.3 |  |  | $ | (48.6) |
Net (loss) income attributable to common stock, basic |  | $ | (23.7) |  |  | $ | 12.1 |  |  | $ | (11.5) |  |  | $ | (70.8) |
Earnings allocable to common shares, diluted: |  |  |  |  |  |  |  |
Numerator for earnings per share, diluted |  |  |  |  |  |  |  |
Effect of assumed shares under the if-converted method for convertible instruments |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Net (loss) income from continuing operations attributable to common stock, basic |  | $ | (22.3) |  |  | $ | 5.0 |  |  | $ | (62.8) |  |  | $ | (22.2) |
Net (loss) income from discontinued operations attributable to common stock, basic |  | $ | (1.4) |  |  | $ | 7.1 |  |  | $ | 51.3 |  |  | $ | (48.6) |
Net (loss) income attributable to common stock, basic |  | $ | (23.7) |  |  | $ | 12.1 |  |  | $ | (11.5) |  |  | $ | (70.8) |
Denominator for basic and dilutive earnings per share |  |  |  |  |  |  |  |
Weighted average common shares outstanding - basic |  | 77.0 |  |  | 46.8 |  |  | 77.1 |  |  | 45.9 |
Effect of assumed shares under treasury stock method for stock options and restricted shares and if-converted method for convertible instruments |  | — |  |  | 2.0 |  |  | — |  |  | — |
Weighted average common shares outstanding - diluted |  | 77.0 |  |  | 48.8 |  |  | 77.1 |  |  | 45.9 |
(Loss) income per share - continuing operations |  |  |  |  |  |  |  |
Basic |  | $ | (0.29) |  |  | $ | 0.11 |  |  | $ | (0.82) |  |  | $ | (0.48) |
Diluted |  | $ | (0.29) |  |  | $ | 0.11 |  |  | $ | (0.82) |  |  | $ | (0.48) |
(Loss) income per share - discontinued operations |  |  |  |  |  |  |  |
Basic |  | $ | (0.02) |  |  | $ | 0.15 |  |  | $ | 0.67 |  |  | $ | (1.06) |
Diluted |  | $ | (0.02) |  |  | $ | 0.14 |  |  | $ | 0.67 |  |  | $ | (1.06) |
(Loss) income per share - Net (loss) income attributable to common stock and participating preferred stockholders |  |  |  |  |  |  |  |
Basic |  | $ | (0.31) |  |  | $ | 0.26 |  |  | $ | (0.15) |  |  | $ | (1.54) |
Diluted |  | $ | (0.31) |  |  | $ | 0.25 |  |  | $ | (0.15) |  |  | $ | (1.54) |

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