Earnings per Common Share

9 Months Ended

Sep. 30, 2021

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 periods presented:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Net income	$	47.1	$	48.3	$	141.0	$	114.3
Weighted average common shares outstanding for basic earnings per share computation	61,673,656		63,764,474		61,641,342		64,184,832
Dilutive effects of stock-based compensation	74,316		96,983		91,480		110,693
Weighted average common shares outstanding for diluted earnings per common share computation	61,747,972		63,861,457		61,732,822		64,295,525

Basic earnings per common share	$	0.76	$	0.76	$	2.29	$	1.78
Diluted earnings per common share	$	0.76	$	0.76	$	2.28	$	1.78

Anti-dilutive unvested time restricted stock	89,142		68,397		88,677		73,633

The Company had 355,981 and 293,236 shares of unvested restricted stock as of September 30, 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.