EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2024

The two-class method is utilized for the computation of the Company’s EPS. The two-class method requires a portion of net income to be allocated to participating securities, which are unvested awards of share-based payments with non-forfeitable rights to receive dividends that are paid in cash. The Company’s restricted stock awards are participating securities. Income allocated to these participating securities is excluded from net earnings available to common shares, as shown in the table below. Basic EPS is computed by dividing net income available to basic common shares by the weighted average number of basic common shares outstanding during the period. Diluted EPS is computed by dividing net income available to diluted common shares by the weighted average number of dilutive common shares outstanding during the period.

The following table sets forth the calculation of EPS (in millions, except share and per share data):


	Three Months Ended March 31,
	2024		2023
Weighted average basic common shares outstanding	13,328,721		13,861,289
Dilutive effect of stock-based awards and employee stock purchases	60,048		53,438
Weighted average dilutive common shares outstanding	13,388,769		13,914,727
Basic:
Net income	$	147.9	$	158.4
Less: Earnings allocated to participating securities from continuing operations	3.3		4.1
Less: Earnings (loss) allocated to participating securities from discontinued operations	—		—
Net income available to basic common shares	$	144.5	$	154.4
Basic earnings per common share	$	10.84	$	11.14
Diluted:
Net income	$	147.9	$	158.4
Less: Earnings allocated to participating securities from continuing operations	3.3		4.1
Less: Earnings (loss) allocated to participating securities from discontinued operations	—		—
Net income available to diluted common shares	$	144.6	$	154.4
Diluted earnings per common share	$	10.80	$	11.10