Basic and Diluted Earnings per Share

12 Months Ended

Dec. 31, 2023

Note 16—Basic and Diluted Earnings per Share

Earnings per share (“EPS”) is calculated in accordance with the relevant standards. Basic EPS includes no dilution and is computed by dividing income available to our common stockholders by the weighted-average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income by the weighted-average number of common and common equivalent shares outstanding during the period. Common equivalent shares consist of stock options, SARs, RSUs and PSUs using the treasury stock method. Common equivalent shares are excluded from the computation of diluted earnings per share if the effect of including such common equivalent shares would be anti-dilutive because their total assumed proceeds exceed the average fair value of common stock for the period. We have two classes of common stock, each with identical participation rights to earnings and liquidation preferences, and therefore the calculation of EPS as described above is identical to the calculation under the two-class method.

The following table sets forth the computation of basic and diluted EPS (in millions, except per share amounts):


	Year Ended December 31,
	2023		2022		2021
Net income attributable to SS&C common stockholders	$	607.1	$	650.2	$	800.0

Shares attributable to SS&C:
Weighted-average common shares outstanding – used in calculation of basic EPS	248.3			254.0	255.6
Weighted-average common stock equivalents – stock options and restricted shares	6.2			8.0	11.7
Weighted-average common and common equivalent shares outstanding – used in calculation of diluted EPS	254.5			262.0	267.3

Earnings per share attributable to SS&C common stockholders – Basic	$	2.45	$	2.56	$	3.13
Earnings per share attributable to SS&C common stockholders – Diluted	$	2.39	$	2.48	$	2.99

Weighted-average stock options, SARs, RSUs and PSUs representing 23.4 million, 22.2 million and 8.9 million shares were outstanding for the years ended December 31, 2023, 2022 and 2021, respectively, but were not included in the computation of diluted EPS because the effect of including them would be anti-dilutive.