Earnings per Share

9 Months Ended

Sep. 30, 2019

The following table reconciles the weighted average common shares outstanding used in the calculation of basic earnings per share (“EPS”) to the weighted average common shares outstanding used in the calculation of diluted EPS for the three and nine months ended September 30, 2019 and 2018:



	For the three months ended September 30,		For the nine months ended September 30,
(in millions)	2019	2018	2019	2018
Determination of shares:
Weighted average common shares outstanding	115.2	91.9	115.8	91.5
Assumed conversion of dilutive employee stock-based awards	1.4	3.2	1.7	3.3
Assumed conversion of restricted stock	0.1	0.2	0.2	0.2
Diluted weighted average common shares outstanding	116.7	95.3	117.7	95.0

Options to purchase 2,519,816 and 2,139,874 shares and 660,436 and 655,952 shares were outstanding during the three and nine months ended September 30, 2019 and 2018, respectively, but were not included in the computation of diluted EPS because they were antidilutive.

The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three and nine months ended September 30, 2019 and 2018:



	For the three months ended September 30,				For the nine months ended September 30,
(in millions, except per share data)	2019		2018		2019		2018
Calculation of basic EPS:
Net income applicable to common stock	$	43.9	$	36.1	$	136.4	$	135.5
Weighted average common shares outstanding	115.2		91.9		115.8		91.5
Basic EPS	$	0.38	$	0.39	$	1.18	$	1.48
Calculation of diluted EPS:
Net income applicable to common stock	$	43.9	$	36.1	$	136.4	$	135.5
Diluted weighted average common shares outstanding	116.7		95.3		117.7		95.0
Diluted EPS	$	0.38	$	0.38	$	1.16	$	1.43