Net Income Per Share

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

NET INCOME PER SHARE

NET INCOME PER SHAREBasic net income per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period, plus the dilutive effects of restricted stock units (“RSUs”) and stock options. Dilutive shares of common stock are determined by applying the treasury stock method.

A reconciliation of the numerator and denominator used in the calculation of basic and diluted net income per share is as follows (in millions, except per share amounts):

	Three Months Ended				Six Months Ended
	June 30, 2020		June 30, 2019		June 30, 2020		June 30, 2019
Numerator:
Net income	$	112.1	$	72.7	$	216.1	$	131.5
Denominator:
Basic shares:
Weighted-average common stock outstanding-basic	161.6		171.1		166.1		170.6
Diluted shares:
Weighted-average common stock outstanding-basic	161.6		171.1		166.1		170.6
Effect of potentially dilutive securities:
RSUs	2.6		2.9		2.5		3.2
Stock options	1.2		1.1		1.2		1.2
Weighted-average shares used to compute diluted net income per share	165.4		175.1		169.8		175.0
Net income per share:
Basic	$	0.69	$	0.42	$	1.30	$	0.77
Diluted	$	0.68	$	0.42	$	1.27	$	0.75

The following weighted-average shares of common stock were excluded from the computation of diluted net income per share for the periods presented, as their effect would have been antidilutive (in millions):

	Three Months Ended		Six Months Ended
	June 30, 2020	June 30, 2019	June 30, 2020	June 30, 2019
RSUs	0.1	0.1	0.3	0.4
Stock options	0.6	0.7	0.5	0.5
Total	0.7	0.8	0.8	0.9