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Basic and Diluted Loss Per Common Share | 12 Months Ended
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Dec. 31, 2022
Earnings Per Share [Abstract] |
Basic and Diluted Loss Per Common Share | 21. Basic and Diluted 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; however, they do not participate in losses and as such are excluded from the computation of basic earnings (loss) per share during periods of net losses. The dilutive effect, if applicable, of stock options and their equivalents (including non-vested stock issued under stock-based compensation plans), is computed using the "if-converted method" if this measurement is determined to be more dilutive between the two available methods in a period. The Company had no dilutive common share equivalents during the years ended December 31, 2022 and 2021 due to results from continuing operations being a loss, net of tax. As of December 31, 2022, 868,104 common stock equivalents from unvested restricted stocks were excluded from the weighted average number of shares used to calculate diluted loss per share as their inclusion would have been anti-dilutive. Other instruments that may, in the future, if the average market price of the Company's stock exceeds the conversion prices, have a dilutive effect on earnings per share, but were excluded from the computation of diluted net loss per share for the years ended December 31, 2022 and 2021 are: preferred stock, convertible debt and stock options. The following table presents a reconciliation of net loss used in the basic and diluted EPS calculations (in millions, except per share amounts):
|  |  |  | Years Ended December 31,
|  |  |  |  |  | 2022 |  | 2021
Loss from continuing operations |  |  |  |  |  | $ | (42.0) |  |  | $ | (86.3) |
Loss from continuing operations attributable to noncontrolling interest and redeemable noncontrolling interest |  |  |  |  |  | 6.1 |  |  | 7.8 |
Loss from continuing operations attributable to INNOVATE Corp. |  |  |  |  |  | (35.9) |  |  | (78.5) |
Less: Preferred dividends and deemed dividends from conversions |  |  |  |  |  | 4.9 |  |  | 2.2 |
Loss from continuing operations attributable to INNOVATE common stockholders |  |  |  |  |  | (40.8) |  |  | (80.7) |
Loss from discontinued operations |  |  |  |  |  | — |  |  | (149.9) |
Loss from discontinued operations attributable to noncontrolling interest and redeemable noncontrolling interest |  |  |  |  |  | — |  |  | 0.9 |
Loss from discontinued operations, net of tax and noncontrolling interest |  |  |  |  |  | — |  |  | (149.0) |
Net loss attributable to common stockholders |  |  |  |  |  | $ | (40.8) |  |  | $ | (229.7) |
Numerator for loss per share - basic and diluted |  |  |  |  |  |  |  |
Net loss from continuing operations attributable to common stock |  |  |  |  |  | $ | (40.8) |  |  | $ | (80.7) |
Net loss from discontinued operations attributable to common stock |  |  |  |  |  | — |  |  | (149.0) |
Net loss attributable to common stock - basic and diluted |  |  |  |  |  | $ | (40.8) |  |  | $ | (229.7) |
Denominator for basic and dilutive loss per share |  |  |  |  |  |  |  |
Weighted average common shares outstanding |  |  |  |  |  | 77.5 |  |  | 77.1 |
Loss per share - continuing operations - basic and diluted |  |  |  |  |  | $ | (0.53) |  |  | $ | (1.05) |
Loss per share - discontinued operations - basic and diluted |  |  |  |  |  | $ | — |  |  | $ | (1.93) |
Loss per share - basic and diluted |  |  |  |  |  | $ | (0.53) |  |  | $ | (2.98) |

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