Earnings Per Share

The Company computes basic earnings per share based on the weighted average number of common shares that were outstanding during the period. Diluted earnings per share includes the dilutive effect of common stock equivalents consisting of stock options, restricted stock awards, restricted stock units and performance share units, using the treasury stock method. Performance share units are considered dilutive when the related performance criterion has been met.

On March 4, 2016, MTW distributed 137.0 million shares of the Company's common stock to MTW shareholders, thereby completing the Spin-Off. Basic and diluted earnings per share and the average number of common shares outstanding for periods prior to the Spin-Off were retrospectively restated for the number of the Company's shares outstanding immediately following this transaction. The same number of shares were used to calculate basic and diluted earnings per share, for each year presented, since no equity awards were outstanding prior to the Spin-Off.

The following is a reconciliation of the numerator and denominator used to compute basic and diluted earnings per share for the periods presented.



	Year Ended December 31,
(in millions, except share and per share data)	2017		2016		2015
Net earnings	$	134.0	$	79.5	$	157.1

Basic weighted average common shares outstanding	138,995,541		137,906,284		137,016,712

Effect of dilutive securities:
Stock options	840,820		945,140		—
Unvested restricted stock	610,148		626,144		—
Unvested performance share units	260,583		236,552		—
Effect of dilutive securities	1,711,551		1,807,836		—

Diluted weighted average common shares outstanding	140,707,092		139,714,120		137,016,712

Basic earnings per share	$	0.96	$	0.58	$	1.15
Diluted earnings per share	$	0.95	$	0.57	$	1.15

Dilutive securities outstanding not included in the computation of earnings per share because their effect was antidilutive for the years ended December 31, 2017 and 2016, totaled 0.8 million and 3.6 million, respectively.

On March 3, 2016, prior to the completion of the Spin-Off, the Company paid a one-time cash dividend to MTW of $1,362.0 million. The Company did not declare or pay any other dividends to its stockholders during the years ended December 31, 2017, 2016 and 2015.