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Basic and Diluted Loss Per Common Share | 3 Months Ended
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Mar. 31, 2024
Earnings Per Share [Abstract] |
Basic and Diluted Loss Per Common Share | 18. Basic and Diluted Loss Per Common Share Earnings (loss) per share 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 stock equivalents during the three months ended March 31, 2024 and 2023 due to the results from continuing operations being a loss, net of tax. For the three months ended March 31, 2024, and 2023, 702,988 and 1,145,796, respectively, of common stock equivalents from unvested restricted stock 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 three months ended March 31, 2024 and 2023 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):
|  |  |  | Three Months Ended March 31,
|  |  |  |  |  | 2024 |  | 2023
Net loss |  |  |  |  |  | $ | (20.1) |  |  | $ | (8.0) |
Net loss (income) attributable to non-controlling interest and redeemable non-controlling interest |  |  |  |  |  | 2.7 |  |  | (1.0) |
Net loss attributable to INNOVATE Corp. |  |  |  |  |  | (17.4) |  |  | (9.0) |
Less: Preferred dividends |  |  |  |  |  | 0.3 |  |  | 1.2 |
Net loss attributable to common stockholders |  |  |  |  |  | $ | (17.7) |  |  | $ | (10.2) |
Weighted average common shares outstanding - basic and diluted |  |  |  |  |  | 78.7 |  |  | 77.7 |
Loss per share - basic and diluted |  |  |  |  |  | $ | (0.22) |  |  | $ | (0.13) |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-3 + Details
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