Earnings per Common Share

12 Months Ended

Dec. 31, 2024

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,	2024		2023		2022
Net income	$	226.0	$	257.5	$	202.2
Weighted average common shares outstanding for basic earnings per share computation	102,978,301		103,752,206		103,274,070
Dilutive effects of stock-based compensation	212,563		27,897		66,929
Weighted average common shares outstanding for diluted earnings per common share computation	103,190,864		103,780,103		103,340,999

Basic earnings per common share	$	2.19	$	2.48	$	1.96
Diluted earnings per common share	2.19		2.48		1.96

Anti-dilutive unvested time restricted stock	71,728		119,144		52,027

The Company had 809,865, 908,476, and 470,622 shares of unvested restricted stock as of December 31, 2024, 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.