Earnings per Common Share

12 Months Ended

Dec. 31, 2021

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,	2021		2020		2019
Net income, basic and diluted	$	192.1	$	161.2	$	181.0
Weighted average common shares outstanding for basic earnings per share computation	61,650,312		63,611,891		63,645,029
Dilutive effects of stock-based compensation	91,516		117,579		239,839
Weighted average common shares outstanding for diluted earnings per common share computation	61,741,828		63,729,470		63,884,868

Basic earnings per common share	$	3.12	$	2.53	$	2.84
Diluted earnings per common share	3.11		2.53		2.83

The Company had 83,952, 3,094, and 150 unvested time restricted stock outstanding as of December 31, 2021, 2020, and 2019 respectively, that were not included in the computation of diluted earnings per common share because their effect would be anti-dilutive. The Company had 333,767, 291,540, and 138,298 shares of unvested restricted stock as of December 31, 2021, 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.