Earnings Per Share

9 Months Ended

Sep. 30, 2021

Our basic earnings per share calculations are based on the weighted average number of common shares outstanding during the period. Potentially dilutive securities include outstanding stock options, restricted share units, deferred stock units and performance-based restricted share units. The effect of potentially dilutive securities is reflected in diluted earnings per common share by application of the treasury method. Diluted earnings per share gives effect to all potentially dilutive common shares outstanding during the period.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions, except per share data)	2021		2020		2021		2020
Net income from continuing operations attributable to common shareholders	$	111.4	$	49.4	$	325.5	$	120.3
Income from discontinued operations, net of tax (Note 3)	5.2		7.2		37.8		13.9
Net income attributable to common shareholders	$	116.6	$	56.6	$	363.3	$	134.2

Average basic shares outstanding	58.7		58.1		58.5		58.4
Effect of dilutive share-based awards	0.8		0.4		0.7		0.5
Average diluted shares outstanding	59.5		58.5		59.2		58.9

Earnings per basic share:
Earnings per basic share from continuing operations	$	1.90	$	0.85	$	5.56	$	2.06
Earnings per basic share from discontinued operations	0.09		0.12		0.65		0.24
Earnings per basic share	$	1.99	$	0.97	$	6.21	$	2.30

Earnings per diluted share:
Earnings per diluted share from continuing operations	$	1.87	$	0.84	$	5.50	$	2.04
Earnings per diluted share from discontinued operations	0.09		0.13		0.64		0.24
Earnings per diluted share	$	1.96	$	0.97	$	6.14	$	2.28

The computation of diluted earnings per share excludes the effect of the potentially anti-dilutive securities which was 1.0 million and 2.6 million for the three months ended September 30, 2021 and 2020, respectively, and 1.4 million and 2.0 million for the nine months ending September 30, 2021 and 2020, respectively.