| Schedule of Reconciliation of Net Income (Loss) to Net Income (Loss) Used in Basic and Diluted EPS Calculations |
The following table presents a reconciliation of net income (loss) to net income (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, | | | 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) | | | | | | | | | | | | | | | | | | | |
|