Earnings Per Share

9 Months Ended

Sep. 30, 2020

Basic earnings per common share is computed by dividing net income available to common stockholders by the weighted average of common shares outstanding during the period. Diluted earnings per common share adjusts basic earnings per common share for the effects of stock options and restricted stock in the periods where such items are dilutive.

On July 24, 2019, the Board of Directors approved an up to $400 million share repurchase program to be executed over the two-year period ending July 2021. For the nine months ended September 30, 2020, the Company repurchased 2,018,934 shares of common stock for an average price of $114.16 per share including brokerage fees and for the nine months ended September 30, 2019, 1,597,731 shares were repurchased for an average price of $87.09 per share.

The following table provides a reconciliation of basic and diluted earnings per share computations for the three and nine months ended September 30, 2020 and 2019:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Millions of dollars, except share and per share amounts)	2020		2019		2020		2019
Earnings per common share:
Net income per share - basic


Net income attributable to common stockholders	$	66.9	$	69.2	$	325.1	$	107.2

Weighted average common shares outstanding (in thousands)	29,111		31,447		29,546		31,961

Earnings per common share	$	2.30	$	2.20	$	11.00	$	3.35




Earnings per common share - assuming dilution:
Net income per share - diluted


Net income attributable to common stockholders	$	66.9	$	69.2	$	325.1	$	107.2

Weighted average common shares outstanding (in thousands)	29,111		31,447		29,546		31,961
Common equivalent shares:
Dilutive share-based awards	388		257		341		228
Weighted average common shares outstanding - assuming dilution (in thousands)	29,499		31,704		29,887		32,189

Earnings per common share assuming dilution	$	2.27	$	2.18	$	10.88	$	3.33

We have excluded from the earnings-per-share calculation certain stock options and shares that are considered to be anti-dilutive under the treasury stock method. For the reported periods, the number of time-based restricted stock units, performance based units and non-qualified stock options that are excluded due to their anti-dilutive nature is immaterial.