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Net Income from Continuing Operations Per Share
 3 Months Ended
Mar. 31, 2020
Earnings Per Share, Basic and Diluted [Abstract]  
Net income from continuing operations per share Net Income from Continuing Operations Per Share
The following table sets forth the computation of net income from continuing operations per share (in millions except per share amounts):
 
Three Months Ended March 31,
 
2020
 
2019
Net income from continuing operations
$
2.8

 
$
15.3

Weighted average common shares outstanding
129.0

 
133.1

Effect of dilutive stock options and restricted stock awards
1.0

 
0.7

Weighted average common shares outstanding and potential common shares
130.0

 
133.8

Net income from continuing operations per share
 
 
 
Basic
$
0.02

 
$
0.11

Diluted
$
0.02

 
$
0.11


Basic net income from continuing operations per share was calculated by dividing net income from continuing operations by the weighted average number of outstanding common shares for the period. Diluted net income from continuing operations per share was calculated consistent with basic net income from continuing operations per share including the effect of dilutive unissued common shares related to our stock-based employee compensation program. The effect of stock options and restricted stock on net income from continuing operations per share-diluted is determined through the application of the treasury stock method, whereby net proceeds received by the Company based on assumed exercises are hypothetically used to repurchase our common stock at the average market price during the period. As a result of the spin-off, there are IAA employees who hold KAR equity awards included in the calculation. Stock options that would have an anti-dilutive effect on net income from continuing operations per diluted share and PRSUs subject to performance conditions which have not yet been satisfied are excluded from the calculations. No options were excluded from the calculation of diluted net income from continuing operations per share for each of the three months ended March 31, 2020 and 2019. In addition, approximately 0.4 million and 0.8 million PRSUs were excluded from the calculation of diluted net income from continuing operations per share for the three months ended March 31, 2020 and 2019, respectively. Total options outstanding at March 31, 2020 and 2019 were 0.7 million and 1.0 million, respectively.