Earnings per Common Share

9 Months Ended

Sep. 30, 2022

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,
	2022		2021		2022		2021
Net income	$	85.7	$	47.1	$	116.4	$	141.0
Weighted average common shares outstanding for basic earnings per share computation	106,525,974		61,673,656		102,879,422		61,641,342
Dilutive effects of stock-based compensation	63,725		74,316		55,938		91,480
Weighted average common shares outstanding for diluted earnings per common share computation	106,589,699		61,747,972		102,935,360		61,732,822

Basic earnings per common share	$	0.80	$	0.76	$	1.13	$	2.29
Diluted earnings per common share	$	0.80	$	0.76	$	1.13	$	2.28

Anti-dilutive unvested time restricted stock	48,871		89,142		51,161		88,677

The Company had 481,567 and 355,981 shares of unvested restricted stock as of September 30, 2022 and 2021, respectively, that were not included in the computation of diluted earnings per common share because performance conditions for vesting had not been met.