Net Income Per Share

12 Months Ended

Dec. 31, 2020

20)	Net Income Per Share

The following is a reconciliation of basic to diluted net income per share:

	Years Ended December 31,
Numerator:	2020		2019		2018
Net income	$	350.1	$	140.4	$	392.9
Denominator:
Shares used in net income per common share – basic		55,095,000		54,711,000		54,406,000
Effect of dilutive securities		255,000		400,000		586,000
Shares used in net income per common share – diluted		55,350,000		55,111,000		54,992,000
Net income per common share:
Basic	$	6.36	$	2.57	$	7.22
Diluted	$	6.33	$	2.55	$	7.14

Basic earnings per share (“EPS”) is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding during the period. The computation of diluted EPS is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding (using the treasury stock method) if securities containing potentially dilutive common shares (RSUs and SARs) had been converted to such common shares, and if such assumed conversion is dilutive.

In 2020, 2019 and 2018, the potential dilutive effect of 2,411, 65,664 and 79,500 weighted average shares, respectively, of RSUs, were excluded from the computation of diluted weighted-average shares outstanding, as the shares would have had an anti-dilutive effect on EPS.