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Basic and Diluted (Loss) Income Per Common Share
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Basic and Diluted (Loss) Income Per Common Share
18. Basic and Diluted (Loss) Income Per Common Share

Earnings (loss) 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, and, previously, the Series C Preferred Stock, 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, and, previously, the Series C Preferred Stock, of the Company are considered participating securities; however, unvested shares of restricted stock 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 share-based compensation plans), is computed using the "if-converted method" if this measurement is determined to be more dilutive than the treasury stock method in a period.

The Company had no dilutive common stock equivalents during the three and six months ended June 30, 2025, and during the six months ended June 30, 2024, due to the results from continuing operations being a loss, net of tax. For the three months ended June 30, 2024, all stock options were excluded from the weighted-average number of shares used to calculate diluted loss per share as their inclusion would have been anti-dilutive. For the three months ended June 30, 2025, 288,588 of common stock equivalents from unvested restricted stock awards and unvested restricted stock units were excluded from the weighted-average number of shares used to calculate diluted loss per share as their inclusion would have been anti-dilutive. For the six months ended June 30, 2025 and 2024, 291,378 and 91,296, respectively, of common stock equivalents from unvested restricted stock awards and unvested restricted stock units 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 EPS, but were excluded from the computations of diluted net loss per share for the three and six months ended June 30, 2025, and the six months ended June 30, 2024, and may be excluded from computations of diluted EPS in the future, are: convertible preferred stock, convertible debt, and stock options. Refer to Note 14. Share-based Compensation and Note 15. Equity and Temporary Equity for additional information on INNOVATE's equity instruments.
The following table presents a reconciliation of net loss to net loss used in the basic and diluted EPS calculations (in millions, except shares and per share amounts):

Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Net (loss) income$(21.0)$13.9 $(46.8)$(6.2)
Net loss attributable to non-controlling interest and redeemable non-controlling interest1.2 0.5 2.5 3.2 
Net (loss) income attributable to INNOVATE Corp.(19.8)14.4 (44.3)(3.0)
Less: Preferred dividends2.2 0.3 2.5 0.6 
Net (loss) income attributable to common stockholders and participating preferred stockholders$(22.0)$14.1 $(46.8)$(3.6)
Participating shares
Weighted-average common shares outstanding (1)
13,146,750 8,920,485 13,130,930 8,392,923 
Unvested restricted stock (1)
— 112,293 — — 
Series C Preferred stock (1)
— 3,653,063 — 1,905,025 
Total13,146,750 12,685,841 13,130,930 10,297,948 
Percentage of (loss) earnings allocated to:
Common stock100.0 %70.3 %100.0 %81.5 %
Unvested restricted stock— %0.9 %— %— %
Series C Preferred stock— %28.8 %— %18.5 %
Numerator for (loss) earnings per share:
Net (loss) income attributable to common stockholders, basic and diluted
$(22.0)$9.9 $(46.8)$(2.9)
Effect of assumed shares under the if-converted method for preferred stock, convertible instruments and unvested restricted stock— 4.9 — — 
Net (loss) income attributable to common stockholders, diluted
$(22.0)$14.8 $(46.8)$(2.9)
Denominator for (loss) earnings per share:
Weighted-average common shares outstanding - basic (1)
13,146,750 8,920,485 13,130,930 8,392,923 
Effect of assumed shares under the if-converted method for preferred stock, convertible instruments and participating unvested restricted stock (1)
— 5,505,271 — — 
Weighted-average common shares outstanding - diluted (1)
13,146,750 14,425,756 13,130,930 8,392,923 
(Loss) income per share
Basic (1)
$(1.67)$1.11 $(3.56)$(0.35)
Diluted (1)
$(1.67)$1.03 $(3.56)$(0.35)
(1) Basic and diluted income (loss) per common share and weighted-average common shares outstanding for the three and six months ended June 30, 2024, in the table above have been retroactively adjusted to reflect the 1-for-10 reverse stock split effected on August 8, 2024.