Earnings Per Share

12 Months Ended

Dec. 31, 2023

Basic earnings per share is based on the weighted average number of common shares outstanding. Diluted earnings per share is based on the weighted average number of common shares outstanding and all dilutive potential common shares outstanding.

The following table sets forth the computation of basic and diluted earnings per share:


	Years Ended December 31,
(Dollars and shares in millions, except per share amounts)	2023		2022		2021
Numerator:
Net income	$	56.6	$	116.6	$	108.1
Denominator:
Weighted average shares outstanding - basic	18.6		18.8		18.7
Effect of dilutive shares	0.1		0.2		0.2
Weighted average shares outstanding - diluted	18.7		19.0		18.9
Basic earnings per share	$	3.04	$	6.21	$	5.77
Diluted earnings per share	$	3.03	$	6.15	$	5.73

Dilutive shares are calculated using the treasury stock method and primarily include unvested restricted stock units. Anti-dilutive shares are excluded from the calculation of diluted shares and diluted earnings per share. For 2023, 2022 and 2021, an immaterial number of shares were excluded each year.