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, 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 shares of Series A-3 and Series A-4 preferred stock outstanding, of the Company are considered participating securities; however, these securities do not participate in losses and, as such, are excluded from the computation of basic 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.

For the three months ended June 30, 2026, the Company included 593,201 of common stock equivalents in the weighted average number of shares used to calculate diluted EPS. The Company had no dilutive common stock equivalents during the six months ended June 30, 2026, and during the three and six months ended June 30, 2025, due to the results from continuing operations being a loss, net of tax. For the six months ended June 30, 2026, 286,770 of common stock equivalents from unvested restricted stock awards were excluded from the weighted-average number of shares used to calculate diluted EPS as their inclusion would have been anti-dilutive. For the three and six months ended June 30, 2025, 288,588 and 291,378, 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 EPS 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 six months ended June 30, 2026 and for the three and six months ended June 30, 2025, and may be excluded from computations of diluted EPS in the future, are: convertible preferred stock, convertible debt, and stock options. Refer to Note 15. Share-based Compensation and Note 16. Temporary Equity for additional information on INNOVATE's equity instruments.


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Net income (loss)	$	12.4		$	(21.0)		$	(4.7)		$	(46.8)
Net (income) loss attributable to non-controlling interests and redeemable non-controlling interests	(1.7)			1.2			(1.4)			2.5
Net income (loss) attributable to INNOVATE Corp.	10.7			(19.8)			(6.1)			(44.3)
Less: Preferred stock dividends	0.3			2.2			0.7			2.5





Net income (loss) attributable to common stockholders and participating preferred stockholders	$	10.4		$	(22.0)		$	(6.8)		$	(46.8)

Earnings (loss) allocable to common shares:
Participating shares
Weighted-average common shares outstanding	13,374,803			13,146,750			13,360,333			13,130,930
Unvested restricted stock	267,063			—			—			—
Series A-3 and Series A-4 Preferred Stock (as converted)	371,604			—			—			—
Total	14,013,470			13,146,750			13,360,333			13,130,930

Percentage of earnings (loss) allocated to:
Common stock	95.4		%	100.0		%	100.0		%	100.0		%
Unvested restricted stock	1.9		%	—		%	—		%	—		%
Series A-3 and Series A-4 Preferred Stock	2.7		%	—		%	—		%	—		%

Numerator for earnings (loss) per share:


Net income (loss) attributable to common stockholders - basic	$	9.9		$	(22.0)		$	(6.8)		$	(46.8)
Effect of assumed shares under the treasury stock method for stock options and unvested restricted stock	—			—			—			—
Net income (loss) attributable to common stock holders - diluted	$	9.9		$	(22.0)		$	(6.8)		$	(46.8)




Denominator for earnings (loss) per share:
Weighted-average common shares outstanding - basic	13,374,803			13,146,750			13,360,333			13,130,930
Effect of assumed shares under the treasury stock method for stock options and unvested restricted stock	593,201			—			—			—
Weighted-average common shares outstanding - diluted	13,968,004			13,146,750			13,360,333			13,130,930


Earnings (Loss) per share
Basic	$	0.74		$	(1.67)		$	(0.51)		$	(3.56)
Diluted	$	0.71		$	(1.67)		$	(0.51)		$	(3.56)