Earnings Per Share

9 Months Ended

Sep. 30, 2022

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,
	2022		2021		2022		2021
Numerator:
Income from continuing operations attributable to controlling interests	$	17.8	$	42.9	$	70.2	$	86.1
Income from discontinued operations attributable to controlling interests (Note 3)	—		186.6		—		703.1
Net income attributable to controlling interests	$	17.8	$	229.5	$	70.2	$	789.2
Less: Total income available to participating unvested securities(1)	—		—		—		(0.1)
Net income attributable to common stock	$	17.8	$	229.5	$	70.2	$	789.1
Denominator:
Weighted-average shares of common stock outstanding—basic	41,431,729		79,606,810		42,266,420		79,427,030
Potential shares of common stock:
Restricted stock units	14,294		34,587		10,542		31,177
Employee stock options	907,419		3,603,178		1,113,540		3,373,301
Weighted-average shares of common stock outstanding—diluted	42,353,442		83,244,575		43,390,502		82,831,508

Earnings per share of common stock attributable to controlling interests:
Basic
Continuing operations	$	0.43	$	0.54	$	1.66	$	1.08
Discontinued operations	—		2.34		—		8.85
Basic earnings per share of common stock attributable to controlling interests	$	0.43	$	2.88	$	1.66	$	9.93
Diluted
Continuing operations	$	0.42	$	0.52	$	1.62	$	1.04
Discontinued operations	—		2.24		—		8.49
Diluted earnings per share of common stock attributable to controlling interests	$	0.42	$	2.76	$	1.62	$	9.53

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