Earnings Per Share

9 Months Ended

Sep. 30, 2020

EARNINGS PER SHARE

Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding for the period, including vested restricted stock unit (“RSU”) awards. Diluted EPS is computed by dividing net income by the weighted average number of shares outstanding, noted above, adjusted for the dilutive effect of stock options and unvested RSU awards.

The following table presents the calculation of basic and diluted EPS:


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2020		2019		2020		2019
Net income from continuing operations	$	182.6	$	100.0	$	230.3	$	293.1
Loss from discontinued operations, net of income taxes	—		(0.5)		(0.2)		(0.8)
Net income	$	182.6	$	99.5	$	230.1	$	292.3

Basic weighted average common shares outstanding	88.3		89.9		88.8		90.1
Dilutive effect of stock options and unvested RSUs	0.6		0.5		0.2		0.3
Diluted weighted average common shares outstanding	88.9		90.4		89.0		90.4

Basic EPS amounts⁽¹⁾:
Continuing operations	$	2.07	$	1.11	$	2.59	$	3.25
Discontinued operations	$	—	$	(0.01)	$	—	$	(0.01)
Net income	$	2.07	$	1.11	$	2.59	$	3.24

Diluted EPS amounts⁽¹⁾:
Continuing operations	$	2.05	$	1.11	$	2.59	$	3.24
Discontinued operations	$	—	$	(0.01)	$	—	$	(0.01)
Net income	$	2.05	$	1.10	$	2.59	$	3.23

⁽¹⁾ EPS amounts are calculated discretely and, therefore, may not add up to the total due to rounding.

A summary of anti-dilutive equity instruments excluded from the computation of diluted EPS is as follows:


	Three Months Ended			Nine Months Ended
	September 30,			September 30,
	2020	2019	2020	2019
Anti-dilutive equity instruments excluded from the computation of diluted EPS	1.4	2.2	2.3	2.5