Earnings per Common Share

12 Months Ended

Dec. 31, 2020

EARNINGS PER COMMON SHARE

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 common share:


Year Ended December 31,	2020		2019		2018
Net income, basic and diluted	$	161.2	$	181.0	$	160.2
Weighted average common shares outstanding for basic earnings per share computation	63,611,891		63,645,029		57,778,857
Dilutive effects of stock-based compensation	117,579		239,839		438,266
Weighted average common shares outstanding for diluted earnings per common share computation	63,729,470		63,884,868		58,217,123

Basic earnings per common share	$	2.53	$	2.84	$	2.77
Diluted earnings per common share	2.53		2.83		2.75

The Company had 3,094, 150, and 448 unvested time restricted stock outstanding as of December 31, 2020, 2019, and 2018 respectively, that were not included in the computation of diluted earnings per common share because their effect would be anti-dilutive. The Company had 291,540, 138,298, and 83,475 shares of unvested restricted stock as of December 31, 2020, 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.