EARNINGS PER COMMON SHARE



	2017		2016		2015
Basic EPS:
Net Income	$	161.6	$	144.2	$	136.9
Less: Income allocated to participating securities	0.4		0.5		0.5
Net Income Available to Common Shareholders	$	161.2	$	143.7	$	136.4
Weighted Average Shares Outstanding (millions)	46.9		44.1		43.2
Earnings Per Share of Common Stock	$	3.44	$	3.26	$	3.16
Diluted EPS:
Net Income	$	161.6	$	144.2	$	136.9
Less: Income allocated to participating securities	0.4		0.5		0.5
Net Income Available to Common Shareholders	$	161.2	$	143.7	$	136.4
Weighted Average Shares Outstanding (millions)	46.9		44.1		43.2
Dilutive Effect of Stock Options, Restricted Stock, and Restricted Stock Units (millions)	0.1		0.2		0.1
Weighted Average Diluted Shares (millions)	47.0		44.3		43.3
Earnings Per Share of Common Stock	$	3.43	$	3.24	$	3.16
Outstanding Shares (in millions) Excluded from the Calculation of Diluted EPS Attributable to:
Restricted stock and stock units subject to performance and/or market conditions	0.5		0.3		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. See Note 5 for more information.