Earnings per Common Share

12 Months Ended

Dec. 31, 2020

Earnings per Common Share The following table presents net income, the weighted average common shares used in calculating basic EPS and those used in calculating diluted EPS for each period presented below. Diluted EPS reflects the incremental common shares from: (1) common shares issuable upon vesting of PSUs and ESPP using the treasury stock method; and (2) common shares issuable upon conversion of the MCPS using the if-converted method. Refer to Notes 20 and 21 for further information regarding potential common stock issuances. The outstanding RSUs have non-forfeitable rights to dividend equivalents and are therefore included in calculating basic and diluted EPS under the two-class method.


	Years Ended December 31,
	2020		2019		2018
Numerator
Net income attributable to stockholders	$	441.8	$	382.6	$	251.0
Less: Preferred stock dividends	(18.7)		(18.7)		(14.2)
Net income attributable to common stockholders	423.1		363.9		236.8
Less: Common stock dividends paid	(154.6)		(151.4)		(133.8)
Undistributed earnings	$	268.5	$	212.5	$	103.0
Denominator
Weighted average common shares outstanding used in basic earnings per common share calculations	60,114,670		61,942,969		59,239,608
Incremental common shares from:
PSUs	311,712		332,873		260,904
ESPP	51,631		37,626		45,012
MCPS	2,701,925		—		—
Weighted average common shares used in diluted earnings per common share calculations	63,179,938		62,313,468		59,545,524
Earnings per common share – Basic
Distributed earnings	$	2.57	$	2.44	$	2.26
Undistributed earnings	4.47		3.43		1.74
Net income attributable to common stockholders	$	7.04	$	5.87	$	4.00
Earnings per common share – Diluted
Distributed earnings	$	2.45	$	2.43	$	2.25
Undistributed earnings	4.54		3.41		1.73
Net income attributable to common stockholders	$	6.99	$	5.84	$	3.98

Average PSUs totaling 58, 20 and 39,065 for the years ended December 31, 2020, 2019 and 2018, respectively, were outstanding but were anti-dilutive and thus not included in the computation of diluted EPS under the treasury stock method. Average MCPS totaling 2,695,025 and 2,357,090 for the years ended December 31, 2019 and 2018, respectively, were anti-dilutive and thus not included in the computation of diluted EPS under the if-converted method.