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Earnings Per Share
 12 Months Ended
Dec. 31, 2024
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Earnings Per Share
3. EARNINGS PER SHARE
The following table presents the calculation of our basic and diluted earnings per share:
For the Year Ended December 31,
202420232022
(dollars in millions, shares in thousands (except per share data))   
Calculation of Basic Earnings Per Share:
Net Income$118.6 $87.2 $89.8 
Weighted average shares outstanding (1)
22,469 18,371 17,722 
Basic Earnings Per Share
$5.28 $4.75 $5.07 
Calculation of Diluted Earnings Per Share:
Reconciliation of Denominator:
Weighted average shares outstanding — Basic (1)
22,469 18,371 17,722 
Effect of dilutive securities — Share-based compensation62 64 82 
Adjusted denominator — Diluted (1)
22,531 18,435 17,804 
Diluted Earnings Per Share
$5.26 $4.73 $5.04 
(1) 2023 and 2024 weighted average shares reflect the impact of 4.4 million common shares issued in November 2023 in connection with the acquisition of FCG. See Notes 4 and 15 for additional details on the acquisition and related equity offering.