Earnings per Common Share

12 Months Ended

Dec. 31, 2025

EARNINGS PER COMMON SHARE

Earnings per share is calculated using both the two-class and the treasury stock methods with the more dilutive method used to determine reported basic and diluted earnings per 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 for all periods presented.

The following table sets forth the computation of basic and diluted earnings per share for the periods presented:


Year Ended December 31,	2025		2024		2023
Net income	$	302.1	$	226.0	$	257.5
Weighted average common shares outstanding for basic earnings per share computation	102,569,649		102,978,301		103,752,206
Dilutive effects of stock-based compensation	260,880		212,563		27,897
Weighted average common shares outstanding for diluted earnings per common share computation	102,830,529		103,190,864		103,780,103

Basic earnings per common share	$	2.95	$	2.19	$	2.48
Diluted earnings per common share	2.94		2.19		2.48

Anti-dilutive unvested time restricted stock	3,899		71,728		119,144

The Company had 749,293, 809,865, and 908,476 shares of unvested restricted stock as of December 31, 2025, 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.