Net Income per Share

3 Months Ended

Mar. 31, 2019

Earnings Per Share [Abstract]

Net Income per Share

9. Net Income per Share

Basic earnings per share is based on the weighted average number of shares of common stock outstanding, and diluted earnings per share is based on the weighted average number of shares of common stock outstanding and all potentially dilutive common stock equivalents outstanding. Common stock equivalents are included in the per share calculations when the effect of their inclusion is dilutive.

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

	Quarter Ended
	March 31, 2019		March 31, 2018
Net income	$	35.2	$	9.0
Shares used in net income per common share - basic		64.2		29.1
Incremental shares of unvested restricted common stock		0.2		0.1
Shares used in net income per common share - diluted		64.4		29.2
Earnings per share:
Basic net income	$	0.55	$	0.31
Diluted net income	$	0.55	$	0.31

On October 1, 2018, upon consummation of the Fortive Transaction, the Company issued 35.0 million shares of Altra common stock pursuant to that certain Agreement and Plan of Merger and Reorganization (The “Merger Agreement”), dated March 7 2018, among Altra, Fortive, McHale Acquisition Corp, and Stevens Holding Company, Inc. (“Stevens Holding”), and that certain Separation and Distribution Agreement, dated March 7, 2018, among Altra, Fortive and Stevens Holding (the “Distribution Agreement”). As a result, following the consummation of the Fortive Transaction, the total amount of issued and outstanding common stock was approximately 64.2 million.