Earnings per Common Share

9 Months Ended

Sep. 30, 2019

Basic earnings per common share is calculated by dividing net income by the weighted average number of common shares outstanding during the period presented, excluding unvested restricted stock. Diluted earnings per share is calculated by dividing net income by the weighted average number of common shares determined for the basic earnings per share computation plus the dilutive effects of stock-based compensation using the treasury stock method.

The following table sets forth the computation of basic and diluted earnings per share for the three and nine month periods ended September 30, 2019 and 2018:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Net income	$	49.1	$	41.4	$	128.6	$	119.8
Weighted average common shares outstanding for basic earnings per share computation	64,832,324		58,254,575		63,232,575		56,951,029
Dilutive effects of stock-based compensation	211,162		385,900		238,708		378,998
Weighted average common shares outstanding for diluted earnings per common share computation	65,043,486		58,640,475		63,471,283		57,330,027

Basic earnings per common share	$	0.76	$	0.71	$	2.03	$	2.10
Diluted earnings per common share	$	0.76	$	0.71	$	2.03	$	2.09

Anti-dilutive unvested time restricted stock	4,808		4,376		5,569		120,553

The Company had 143,415 and 154,176 shares of unvested restricted stock as of September 30, 2019 and 2018, respectively, that were not included in the computation of diluted earnings per common share because performance conditions for vesting had not been met.