Earnings Per Share

12 Months Ended

Dec. 31, 2023

The Company computes earnings per share using the two-class method, which is an earnings allocation formula that determines earnings per share for common stock and participating securities. Restricted stock granted by the Company is considered a participating security since it contains a non-forfeitable right to dividends.

The following table sets forth the computation of earnings per share for the three years ended December 31 (in millions, except per share amounts):


	2023		2022		2021
Numerator:
Net income from continuing operations attributable to Hubbell Incorporated	$	759.8	$	511.3	$	365.0
Less: Earnings allocated to participating securities	(1.8)		(1.3)		(1.1)
Net income from continuing operations available to common shareholders	$	758.0	$	510.0	$	363.9

Net income from discontinued operations attributable to Hubbell Incorporated	$	—	$	34.6	$	34.5
Less: Earnings allocated to participating securities	—		(0.1)		(0.1)
Net income from discontinued operations available to common shareholders	$	—	$	34.5	$	34.4

Net income attributable to Hubbell Incorporated	$	759.8	$	545.9	$	399.5
Less: Earnings allocated to participating securities	(1.8)		(1.4)		(1.2)
Net income available to common shareholders	$	758.0	$	544.5	$	398.3

Denominator:
Average number of common shares outstanding	53.6		53.7		54.3
Potential dilutive shares	0.4		0.4		0.4
Average number of diluted shares outstanding	54.0		54.1		54.7

Basic earnings per share:
Basic earnings per share from continuing operations	$	14.14	$	9.49	$	6.70
Basic earnings per share from discontinued operations	—		0.64		0.63
Basic earnings per share	$	14.14	$	10.13	$	7.33

Diluted earnings per share:
Diluted earnings per share from continuing operations	$	14.05	$	9.43	$	6.66
Diluted earnings per share from discontinued operations	—		0.64		0.62
Diluted earnings per share	$	14.05	$	10.07	$	7.28

The Company did not have any material anti-dilutive securities in 2023, 2022 or 2021.