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Earnings per Common Share
12 Months Ended
Dec. 31, 2018
Earnings Per Share [Abstract]  
Earnings per Common Share
EARNINGS PER COMMON SHARE

Basic earnings per common share is calculated by dividing net income by the weighted average number of common shares outstanding during the period presented, excluding unvested restricted stock. Diluted earnings per share is calculated by dividing net income by the weighted average number of common shares determined for the basic earnings per share computation plus the dilutive effects of stock-based compensation using the treasury stock method.

The following table sets forth the computation of basic and diluted earnings per common share:
Year Ended December 31,
2018
 
2017
 
2016
Net income, basic and diluted
$
160.2

 
$
106.5

 
$
95.7

Weighted average common shares outstanding for basic earnings per share computation
57,778,857

 
51,429,366

 
44,511,774

Dilutive effects of stock-based compensation
438,266

 
473,843

 
398,622

Weighted average common shares outstanding for diluted earnings per common share computation
58,217,123

 
51,903,209

 
44,910,396

 
 
 
 
 
 
Basic earnings per common share
$
2.77

 
$
2.07

 
$
2.15

Diluted earnings per common share
2.75

 
2.05

 
2.13



The Company had 448, 83,635 and 7,215 unvested time restricted stock outstanding as of December 31, 2018, 2017, and 2016 respectively, that were not included in the computation of diluted earnings per common share because their effect would be anti-dilutive. The Company had 83,475, 113,874 and 155,637 shares of unvested restricted stock as of December 31, 2018, 2017, and 2016, respectively, that were not included in the computation of diluted earnings per common share because performance conditions for vesting had not been met.