Earnings Per Share

9 Months Ended

Sep. 30, 2021

Basic earnings per share is calculated by dividing net income attributable to controlling interests by the weighted-average number of shares of common stock outstanding. Diluted earnings per share is similar to basic earnings per share, but is adjusted for the effect of potentially issuable common stock, except when inclusion is antidilutive.

The calculation of basic and diluted earnings per share of common stock is as follows (dollars in millions, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Numerator:
Income from continuing operations attributable to controlling interests	$	42.9	$	29.0	$	86.1	$	59.5
Income from discontinued operations attributable to controlling interests (Note 3)	186.6		8.2		703.1		29.2
Net income attributable to controlling interests	$	229.5	$	37.2	$	789.2	$	88.7
Less: Total income available to participating unvested securities(1)	—		—		(0.1)		—
Net income attributable to common stock	$	229.5	$	37.2	$	789.1	$	88.7
Denominator:
Weighted-average shares of common stock outstanding—basic	79,606,810		80,001,360		79,427,030		81,832,607
Potential shares of common stock:
Restricted stock units	34,587		115,155		31,177		48,915
Employee stock options	3,603,178		735,023		3,373,301		245,008
Weighted-average shares of common stock outstanding—diluted	83,244,575		80,851,538		82,831,508		82,126,530

Earnings per share of common stock attributable to controlling interests:
Basic
Continuing operations	$	0.54	$	0.36	$	1.08	$	0.72
Discontinued operations	2.34		0.10		8.85		0.36
Basic earnings per share of common stock attributable to controlling interests	$	2.88	$	0.46	$	9.93	$	1.08
Diluted
Continuing operations	$	0.52	$	0.36	$	1.04	$	0.72
Discontinued operations	2.24		0.10		8.49		0.36
Diluted earnings per share of common stock attributable to controlling interests	$	2.76	$	0.46	$	9.53	$	1.08

(1)Income available to participating unvested securities includes dividends paid on unvested restricted shares and their proportionate share of undistributed earnings.