EARNINGS PER COMMON SHARE



	2018		2017		2016
Basic Earnings Per Share:
Net Income	$	214.2	$	161.6	$	144.2
Less: Income allocated to participating securities	0.5		0.4		0.5
Net Income Available to Common Shareholders	$	213.7	$	161.2	$	143.7
Weighted Average Shares Outstanding (in millions)	49.1		46.9		44.1
Basic Earnings Per Share of Common Stock	$	4.35	$	3.44	$	3.26
Diluted Earnings per Share:
Net Income	$	214.2	$	161.6	$	144.2
Less: Income allocated to participating securities	0.5		0.4		0.5
Net Income Available to Common Shareholders	$	213.7	$	161.2	$	143.7
Weighted Average Shares Outstanding (in millions)	49.1		46.9		44.1
Dilutive Effect of Restricted Stock and Restricted Stock Units (in millions)*	0.2		0.1		0.2
Weighted Average Diluted Shares (in millions)	49.3		47.0		44.3
Diluted Earnings Per Share of Common Stock	$	4.33	$	3.43	$	3.24

* Calculation excludes certain outstanding shares (shown in millions by period at the right) attributable to stock units subject to performance or market conditions and restricted stock, which could have a dilutive effect in the future	0.4		0.5		0.3

Spire’s 2.875 million equity units issued in June 2014 were anti-dilutive for the periods they were outstanding. Accordingly, they were also excluded from the calculation of weighted average diluted shares for those periods. On April 3, 2017, Spire settled the purchase contracts underlying those equity units by issuing approximately 2.5 million shares of its common stock.