Earnings per Common Share

12 Months Ended

Dec. 31, 2023

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 share for the periods presented:


Year Ended December 31,	2023		2022		2021
Net income	$	257.5	$	202.2	$	192.1
Weighted average common shares outstanding for basic earnings per share computation	103,752,206		103,274,070		61,650,312
Dilutive effects of stock-based compensation	27,897		66,929		91,516
Weighted average common shares outstanding for diluted earnings per common share computation	103,780,103		103,340,999		61,741,828

Basic earnings per common share	$	2.48	$	1.96	$	3.12
Diluted earnings per common share	2.48		1.96		3.11

Anti-dilutive unvested time restricted stock	119,144		52,027		83,952

The Company had 908,476, 470,622, and 333,767 shares of unvested restricted stock as of December 31, 2023, 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.