Earnings Per Share

3 Months Ended

Mar. 31, 2021

The Company’s restricted shares contain non-forfeitable rights to dividends and are considered participating securities for purposes of computing earnings per share pursuant to the two-class method. The computation below of earnings per share excludes income attributable to the unvested restricted shares from the numerator and excludes the dilutive impact of those underlying shares from the denominator.

The computation below of earnings per share includes the income attributable to the vested and deferred restricted shares and restricted stock units in the numerator and includes the dilutive impact of those underlying shares in the denominator.

Stock options are included in the calculation of diluted earnings per share utilizing the treasury stock method and performance share awards are included in the calculation of diluted earnings per share considering those are contingently issuable. Neither is considered to be a participating security as they do not contain non-forfeitable dividend rights.

Net income and share data used in the basic and diluted earnings per share computations using the two-class method follows:


	Three Months Ended March 31,
(in millions, except per share amounts)		2021			2020
Net income		$	52.2		$	61.8
Less: dividends declared		(28.5)			(28.3)
Undistributed earnings		23.7			33.5
Percent allocated to common shareholders(1)		99.7		%	99.7		%
		23.6			33.4
Add: dividends declared on common stock, restricted share units and vested and deferred restricted and performance shares		28.4			28.2
Net income attributable to common shares		$	52.0		$	61.6

Shares:
Basic weighted-average shares outstanding		53.0			55.8
Effect of dilutive securities:
Performance awards		0.1			0.2
Stock options		0.5			0.5
Diluted weighted-average shares outstanding		53.6			56.5

Per share net income attributable to common shares:
Basic		$	0.98		$	1.10
Diluted		$	0.97		$	1.09

(1) Basic weighted-average common shares outstanding		53.0			55.8
Basic weighted-average shares outstanding and unvested restricted shares expected to vest		53.2			56.0
Percent allocated to common shareholders		99.7		%	99.7		%


	Three Months Ended March 31,
(in millions)		2021	2020


Anti-dilutive stock options excluded from EPS calculation(1)		0.6	0.2

(1)Represents stock options excluded from the calculation of diluted earnings per share, as such options’ assumed proceeds upon exercise would result in the repurchase of more shares than the underlying award.