Earnings (Loss) Per Share
Basic earnings (loss) per share is based on the weighted average number of common shares outstanding. Diluted earnings (loss) per share is based on the weighted average number of common shares outstanding and all dilutive potential common shares outstanding.
The following table sets forth the computation of basic and diluted earnings (loss) per share:
(Dollars and shares in millions, except per share amounts)202520242023
Numerator:  
Net income (loss)$(61.8)$26.1 $56.6 
Denominator:
Weighted average shares outstanding - basic18.2 18.6 18.6 
Effect of dilutive shares — 0.1 
Weighted average shares outstanding - diluted18.2 18.6 18.7 
Basic earnings (loss) per share$(3.40)$1.40 $3.04 
Diluted earnings (loss) per share$(3.40)$1.40 $3.03 
Dilutive shares are calculated using the treasury stock method and primarily include unvested restricted stock units. Anti-dilutive shares are excluded from the calculation of diluted shares and diluted earnings per share. For 2024 and 2023, 0.1 million and no shares were excluded each year, respectively.
For 2025, the assumed vesting of restricted stock units had an antidilutive effect on diluted loss per share and were excluded from the calculation of diluted loss per share. For the year ended December 31, 2025, 0.2 million shares were excluded from the calculation of diluted loss per share.

Historical Timeline

Fiscal YearFiled
2025Feb 19, 2026Showing above
2024Feb 26, 2025
2023Feb 27, 2024
2022Mar 1, 2023
2021Feb 22, 2022
2020Feb 19, 2021
2019Feb 21, 2020
2018Feb 21, 2019

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.