| Earnings Per Share 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.
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