Earnings per Common Share

3 Months Ended

Mar. 31, 2024

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 March 31,
	2024		2023
Net income	$	58.4	$	56.3
Weighted average common shares outstanding for basic earnings per share computation	102,844,397		103,737,664
Dilutive effects of stock-based compensation	195,637		81,055
Weighted average common shares outstanding for diluted earnings per common share computation	103,040,034		103,818,719

Basic earnings per common share	$	0.57	$	0.54
Diluted earnings per common share	$	0.57	$	0.54

Anti-dilutive unvested time restricted stock	49,574		132,410

The Company had 801,061 and 330,408 shares of unvested restricted stock as of March 31, 2024 and 2023, respectively, that were not included in the computation of diluted earnings per common share because performance conditions for vesting had not been met.