Earnings Per Common Share

9 Months Ended

Sep. 30, 2023

Earnings Per Common ShareThe 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 common shares issuable upon vesting of performance share units (“PSUs”) and the purchase of shares under the Employee Stock Purchase Plan (the “ESPP”) using the treasury stock method. The outstanding restricted stock units (“RSUs”) have non-forfeitable rights to dividend equivalents and are therefore included in calculating basic and diluted EPS under the two-class method.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Numerator
Net income	$	190.1	$	7.3	$	460.0	$	208.5
Less: Common stock dividends paid	(37.1)		(36.7)		(113.8)		(112.7)
Undistributed earnings	$	153.0	$	(29.4)	$	346.2	$	95.8

Denominator
Weighted average common shares outstanding used in basic per common share calculations	53,535,982		53,717,373		53,591,495		54,693,799
Incremental common shares from:
PSUs	206,124		345,887		232,889		425,887
ESPP	3,067		3,345		—		5,164
Weighted average common shares outstanding used in diluted per common share calculations	53,745,173		54,066,605		53,824,384		55,124,850
Earnings per common share – Basic
Distributed earnings	$	0.69	$	0.68	$	2.12	$	2.06
Undistributed earnings	2.86		(0.54)		6.46		1.75
Net income	$	3.55	$	0.14	$	8.58	$	3.81
Earnings per common share – Diluted
Distributed earnings	$	0.69	$	0.68	$	2.12	$	2.04
Undistributed earnings	2.85		(0.54)		6.43		1.74
Net income	$	3.54	$	0.14	$	8.55	$	3.78

Average PSUs totaling 52,715 and 66,144 for the three months ended September 30, 2023 and 2022, respectively, were anti-dilutive and thus not included in the computation of diluted EPS under the treasury stock method. Average PSUs totaling 57,895 and 59,669 for the nine months ended September 30, 2023 and 2022, respectively, were anti-dilutive and thus not included in the computation of diluted EPS under the treasury stock method.