18. Earnings per Share

Basic and diluted earnings per share were computed as follows:
 Years Ended December 31,
(in millions, except per share amounts)202520242023
Earnings from continuing operations$50.9 $23.4 $65.6 
(Loss) earnings from discontinued operations, net(6.7)(261.2)6.8 
Net earnings (loss)$44.2 $(237.8)$72.4 
Basic earnings (loss) per common share:
Earnings from continuing operations$0.59 $0.26 $0.72 
(Loss) earnings from discontinued operations, net(0.08)(2.93)0.08 
Net earnings (loss)$0.51 $(2.67)$0.80 
Weighted-average shares outstanding 86.4 88.9 90.9 
Diluted earnings (loss) per common share:
Earnings from continuing operations$0.58 $0.26 $0.72 
(Loss) earnings from discontinued operations, net(0.08)(2.90)0.07 
Net earnings (loss)$0.50 $(2.64)$0.79 
Diluted weighted-average shares outstanding (1)
88.0 90.1 91.6 
(1) In accordance with ASC 260, Earnings Per Share, the control number for determining whether including potential common shares in the diluted EPS computation would be antidilutive is earnings from continuing operations.

For the years ended December 31, 2025, 2024, and 2023, the weighted-average number of anti-dilutive potential common shares for stock-based awards excluded from the calculation of diluted earnings per share above was 0.8 million, 0.7 million, and 1.9 million, respectively.

Historical Timeline

Fiscal YearFiled
2025Feb 9, 2026Showing above
2024Feb 13, 2025
2023Feb 21, 2024
2022Feb 9, 2023
2021Feb 9, 2022
2020Feb 10, 2021
2019Feb 12, 2020
2018Feb 19, 2019
2017Feb 20, 2018
2016Feb 21, 2017
2015Feb 19, 2016

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.