Earnings per Common Share

6 Months Ended

Jun. 30, 2023

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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net income	$	67.0	$	64.1	$	123.3	$	30.7
Weighted average common shares outstanding for basic earnings per share computation	103,820,649		109,106,891		103,779,386		101,025,926
Dilutive effects of stock-based compensation	2,242		24,827		42,539		50,405
Weighted average common shares outstanding for diluted earnings per common share computation	103,822,891		109,131,718		103,821,925		101,076,331

Basic earnings per common share	$	0.65	$	0.59	$	1.19	$	0.30
Diluted earnings per common share	$	0.65	$	0.59	$	1.19	$	0.30

Anti-dilutive unvested time restricted stock	222,417		218,033		129,449		61,058

The Company had 974,875 and 500,573 shares of unvested restricted stock as of June 30, 2023 and 2022, respectively, that were not included in the computation of diluted earnings per common share because performance conditions for vesting had not been met.