Earnings Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Common ShareBasic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilutive impact of all common stock equivalents on earnings per

share. Diluted earnings per share includes common shares assumed issued under the "treasury stock method," which reflects the potential dilution that would occur if outstanding RSUs and PSUs vested, and stock options were to be exercised.

RSUs and PSUs are entitled to receive dividend equivalents when and if, the underlying award vests and becomes payable. Therefore, these awards are not considered participating securities for the purposes of determining earnings per share.

The following table presents the net income and the weighted average number of shares outstanding used in the earnings per common share calculations.


	Years Ended December 31,
	2021		2020		2019
	(in millions, except share data)
Net income	$	119.3	$	119.8	$	157.1
Weighted average number of shares outstanding–basic	28,289,118		29,912,063		32,120,578
Effect of dilutive securities:
Stock options	27,033		36,568		77,482
PSUs	237,999		230,831		285,550
RSUs	46,843		25,402		56,108
Dilutive potential shares	311,875		292,801		419,140
Weighted average number of shares outstanding–diluted	28,600,993		30,204,864		32,539,718

Diluted earnings per share excludes outstanding options and other common stock equivalents in periods where the inclusion of such options and common stock equivalents would be anti-dilutive. The following table presents options, PSUs, and RSUs that were excluded from diluted earnings per share.


	Years Ended December 31,
	2021	2020	2019
Options, PSUs, and RSUs excluded under the treasury method, as the potential proceeds on settlement or exercise was greater than the value of shares acquired	—	111,386	—