Earnings per Common Share

3 Months Ended

Mar. 31, 2021

Earnings per Common ShareBasic 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 periods presented:


	Three Months Ended March 31,
	2021		2020
Net income	$	51.4	$	29.3
Weighted average common shares outstanding for basic earnings per share computation	61,591,877		64,790,186
Dilutive effects of stock-based compensation	122,186		146,921
Weighted average common shares outstanding for diluted earnings per common share computation	61,714,063		64,937,107

Basic earnings per common share	$	0.83	$	0.45
Diluted earnings per common share	$	0.83	$	0.45

Anti-dilutive unvested time restricted stock	92,602		113,468

The Company had 368,793 and 309,410 shares of unvested restricted stock as of March 31, 2021 and 2020, respectively, that were not included in the computation of diluted earnings per common share because performance conditions for vesting had not been met.