Earnings Per Share ("EPS") of Common Stock

9 Months Ended

Sep. 30, 2022

Earnings Per Share ("EPS") of Common Stock

The following table reconciles the numerator and denominator used to calculate basic and diluted EPS of common stock:



	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
	(In millions, except per share amounts)
Numerator:


Net income	$	13.7	$	42.5	$	57.9	$	105.6




Income allocated to participating securities	(0.1)		(0.3)		(0.2)		(0.7)
Net income for basic EPS	$	13.6	$	42.2	$	57.7	$	104.9
Interest on 2¼% Notes	0.1		—		1.4		—
Net income for diluted EPS	$	13.7	$	42.2	$	59.1	$	104.9
Denominator:
Basic weighted average shares	80.3		79.9		80.3		79.0



Effect of:

21/4% Notes	0.9		2.4		4.0		2.5

Diluted weighted average shares	81.2		82.3		84.3		81.5
Basic


Basic EPS	$	0.17	$	0.53	$	0.72	$	1.33
Diluted


Diluted EPS	$	0.17	$	0.51	$	0.70	$	1.29

Securities which would have been anti-dilutive are insignificant and are excluded from the computation of diluted earnings per share in all periods presented.

The increase in the dilutive effect of the 2¼% Notes in the nine months ended September 30, 2022, is the result of the adoption of new accounting guidance. During the three months ended September 30, 2022, the Company settled its outstanding 2¼% Notes. See Notes 1 and 7.