Earnings per Common Share

9 Months Ended

Sep. 30, 2023

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,
	2023		2022		2023		2022
Net income	$	72.7	$	85.7	$	196.0	$	116.4
Weighted average common shares outstanding for basic earnings per share computation	103,822,311		106,525,974		103,793,851		102,879,422
Dilutive effects of stock-based compensation	4,116		63,725		30,425		55,938
Weighted average common shares outstanding for diluted earnings per common share computation	103,826,427		106,589,699		103,824,276		102,935,360

Basic earnings per common share	$	0.70	$	0.80	$	1.89	$	1.13
Diluted earnings per common share	0.70		0.80		1.89		1.13

Anti-dilutive unvested time restricted stock	162,231		48,871		162,231		51,161

The Company had 967,996 and 481,567 shares of unvested restricted stock as of September 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.