Earnings per Common Share

12 Months Ended

Dec. 31, 2022

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,	2022		2021		2020
Net income, basic and diluted	$	202.2	$	192.1	$	161.2
Weighted average common shares outstanding for basic earnings per share computation	103,274,070		61,650,312		63,611,891
Dilutive effects of stock-based compensation	66,929		91,516		117,579
Weighted average common shares outstanding for diluted earnings per common share computation	103,340,999		61,741,828		63,729,470

Basic earnings per common share	$	1.96	$	3.12	$	2.53
Diluted earnings per common share	1.96		3.11		2.53

The Company had 52,027, 83,952, and 3,094 unvested time restricted stock outstanding as of December 31, 2022, 2021, and 2020 respectively, that were not included in the computation of diluted earnings per common share because their effect would be anti-dilutive. The Company had 470,622, 333,767, and 291,540 shares of unvested restricted stock as of December 31, 2022, 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.