Net Earnings per Common Share

12 Months Ended

Dec. 31, 2021

The following table shows the calculation of basic and diluted net earnings per common share:


	Year Ended December 31,
(In millions, except per share amounts)	2021		2020		2019
Basic Net Earnings Per Common Share:
Numerator:
Net earnings	$	506.8	$	502.9	$	263.0
Distributed and allocated undistributed net earnings to unvested restricted stockholders	—		(0.2)		(0.5)
Net earnings available to common stockholders	$	506.8	$	502.7	$	262.5
Denominator:
Weighted average number of common shares outstanding - basic	150.9		155.2		154.3
Basic net earnings per common share:
Basic net earnings per common share	$	3.36	$	3.24	$	1.70
Diluted Net Earnings Per Common Share:
Numerator:
Net earnings available to common stockholders	$	506.8	$	502.7	$	262.5
Denominator:
Weighted average number of common shares outstanding - basic	150.9		155.2		154.3
Effect of dilutive stock shares and units	1.5		0.8		0.5
Weighted average number of common shares outstanding - diluted under two-class	152.4		156.0		154.8
Effect of unvested restricted stock - participating security	—		—		0.4
Weighted average number of common shares outstanding - diluted under treasury stock	152.4		156.0		155.2
Diluted net earnings per common share	$	3.32	$	3.22	$	1.69

PSU Awards

We included contingently issuable shares using the treasury stock method for our PSU awards in the diluted weighted average number of common shares outstanding based on the number of contingently issuable shares that would be issued assuming the end of our reporting period was the end of the relevant PSU award contingency period. The calculation of diluted weighted average shares outstanding related to PSUs was 0.6 million shares in 2021, and nominal in 2020 and 2019.

SLO Awards

The shares or units associated with the 2021 SLO awards are considered contingently issuable shares and therefore are not included in the basic or diluted weighted average number of common shares outstanding for the year ended December 31, 2021. These shares or units will not be included in the common shares outstanding until the final determination of the amount of annual incentive compensation is made in the first quarter of 2022. Once this determination is made, the shares or units will be included in diluted weighted average number of common shares outstanding if the impact to diluted net earnings per common share is dilutive. The shares or units associated with SLO awards for 2021, 2020 and 2019 were nominal.