Earnings per Common Share

6 Months Ended

Jun. 30, 2020

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 six month periods ended June 30, 2020 and 2019:



	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Net income	$	36.7	$	37.9	$	66.0	$	79.5
Weighted average common shares outstanding for basic earnings per share computation	64,004,455		64,504,546		64,397,320		62,419,442
Dilutive effects of stock-based compensation	78,034		202,913		116,566		248,949
Weighted average common shares outstanding for diluted earnings per common share computation	64,082,489		64,707,459		64,513,886		62,668,391

Basic earnings per common share	$	0.57	$	0.59	$	1.02	$	1.27
Diluted earnings per common share	$	0.57	$	0.59	$	1.02	$	1.27

Anti-dilutive unvested time restricted stock	108,369		761		108,369		108,046

The Company had 296,188 and 147,415 shares of unvested restricted stock as of June 30, 2020 and 2019, respectively, that were not included in the computation of diluted earnings per common share because performance conditions for vesting had not been met.