COMPASS MINERALS INTERNATIONAL INC - 10-Q filing on 2021-08-13

Earnings (loss) per Share (Tables)

6 Months Ended

Jun. 30, 2021

Summary of Basic and Diluted Earnings Per Common Share

The following table sets forth the computation of basic and diluted earnings (loss) per common share (in millions, except for share and per-share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
			(Restated)				(Restated)
Numerator:
Net (loss) earnings from continuing operations	$	(16.4)	$	(7.2)	$	25.5	$	32.8
Less: net loss allocated to participating securities(a)	(0.3)		(0.3)		(0.6)		(0.5)
Net (loss) earnings from continuing operations available to common stockholders	(16.7)		(7.5)		24.9		32.3
Net earnings (loss) from discontinued operations available to common stockholders	72.6		3.9		(182.8)		(2.1)
Net earnings (loss) available to common stockholders	$	55.9	$	(3.6)	$	(157.9)	$	30.2

Denominator (in thousands):
Weighted-average common shares outstanding, shares for basic earnings per share	34,020		33,915		33,997		33,903
Weighted-average awards outstanding(b)	58		—		48		—
Shares for diluted earnings per share	34,078		33,915		34,045		33,903

Basic net (loss) earnings from continuing operations per common share	$	(0.49)	$	(0.22)	$	0.73	$	0.95
Basic net earnings (loss) from discontinued operations per common share	2.13		0.11		(5.38)		(0.06)
Basic net earnings (loss) per common share	$	1.64	$	(0.11)	$	(4.65)	$	0.89

Diluted net (loss) earnings from continuing operations per common share	$	(0.49)	$	(0.22)	$	0.73	$	0.94
Diluted net earnings (loss) from discontinued operations per common share	2.12		0.11		(5.38)		(0.06)
Diluted net earnings (loss) per common share	$	1.63	$	(0.11)	$	(4.65)	$	0.88

(a)Weighted participating securities include RSUs and PSUs that receive non-forfeitable dividends and consist of 432,000 and 439,000 weighted participating securities for the three and six months ended June 30, 2021, respectively, and 411,000 and 412,000 weighted participating securities for the three and six months ended June 30, 2020, respectively.

(b)For the calculation of diluted net (loss) earnings per share, the Company uses the more dilutive of either the treasury stock method or the two-class method to determine the weighted-average number of outstanding common shares. In addition, the Company had 1,171,000 and 1,225,000 weighted-average equity awards outstanding for the three and six months ended June 30, 2021, respectively, and 1,255,000 and 1,265,000 weighted-average equity awards outstanding for the three and six months ended June 30, 2020, respectively, that were anti-dilutive.