NET INCOME PER COMMON SHARE

9 Months Ended

Sep. 30, 2019

Net Income Per Common Share

Net Income Per Common Share

20.  NET INCOME PER COMMON SHARE

The computation of basic net income allocated to common stockholders is calculated by reducing net income for the period by dividends paid or declared and undistributed net income for the period that are allocated to participating securities to arrive at net income allocated to common stockholders. Net income allocated to common stockholders is divided by the weighted average number of common shares outstanding during the period to determine net income per share allocated to common stockholders.

The computation of diluted earnings per share is calculated by dividing net income allocated to common stockholders by the sum of the weighted average number of common shares outstanding plus all additional common shares that would have been outstanding if the potentially dilutive common shares had been issued. The dilutive effect is calculated using the more dilutive of the two-class or treasury stock method.

Additionally, the change in the redemption value for the noncontrolling interest reduces net income allocated to common stockholders.

The following table reconciles net income allocated to common stockholders and the number of shares used to calculate the basic and diluted net income per common share for the three and nine months ended September 30, 2019 and 2018:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except per share amounts)	2019		2018		2019		2018
Basic EPS Numerator:
Net Income	$	105.9	$	85.7	$	284.5	$	286.8
Loss attributable to noncontrolling interest		0.1		0.3		4.1		0.9
Net Income excluding noncontrolling interest		106.0		86.0		288.6		287.7
Change in redemption value of noncontrolling interest		(0.1)		(0.3)		(0.5)		(0.9)
Earnings allocated to participating securities		(0.4)		(0.7)		(1.5)		(2.1)
Net Income allocated to common stockholders	$	105.5	$	85.0	$	286.6	$	284.7
Basic EPS Denominator:
Weighted average shares outstanding		111.6		111.4		111.6		112.0
Basic Net Income Per Common Share	$	0.95	$	0.76	$	2.57	$	2.54
Diluted EPS Numerator:
Net Income	$	105.9	$	85.7	$	284.5	$	286.8
Loss attributable to noncontrolling interest		0.1		0.3		4.1		0.9
Net Income excluding noncontrolling interest		106.0		86.0		288.6		287.7
Change in redemption value of noncontrolling interest		(0.1)		(0.3)		(0.5)		(0.9)
Earnings allocated to participating securities		(0.4)		(0.7)		(1.5)		(2.1)
Net Income allocated to common stockholders	$	105.5	$	85.0	$	286.6	$	284.7
Diluted EPS Denominator:
Weighted average shares outstanding		111.6		111.4		111.6		112.0
Dilutive common shares issued under stock program		0.3		0.4		0.4		0.4
Total dilutive weighted average shares		111.9		111.8		112.0		112.4
Diluted Net Income Per Common Share	$	0.94	$	0.76	$	2.56	$	2.53

For the periods presented, the Company did not have shares of stock-based compensation that would have an anti-dilutive effect on the computation of diluted net income per common share.