Net Income, Weighted Average Common Shares Used in Calculating Basic Earnings Per Common Share and Diluted EPS |
The following table presents net income, the weighted average common shares used in calculating basic EPS and those used in calculating diluted EPS for each period presented below. Diluted EPS reflects the incremental common shares from: (1) common shares issuable upon vesting of performance share units (“PSUs”) and the purchase of shares under the Employee Stock Purchase Plan (the “ESPP”) using the treasury stock method; and (2) common shares issuable upon the conversion of the MCPS using the if-converted method. The outstanding restricted stock units (“RSUs”) have non-forfeitable rights to dividend equivalents and are therefore included in calculating basic and diluted EPS under the two-class method. | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2022 | | 2021 | | 2022 | | 2021 | Numerator | | | | | | | | Net income from continuing operations | $ | 7.3 | | | $ | 151.0 | | | $ | 208.5 | | | $ | 478.9 | | | | | | | | | | | | | | | | | | Less: Preferred stock dividends | — | | | — | | | — | | | (4.7) | | Net income from continuing operations attributable to common stockholders | 7.3 | | | 151.0 | | | 208.5 | | | 474.2 | | Less: Common stock dividends paid | (36.7) | | | (38.5) | | | (112.7) | | | (118.5) | | Undistributed earnings | $ | (29.4) | | | $ | 112.5 | | | $ | 95.8 | | | $ | 355.7 | | | | | | | | | | Net income from continuing operations attributable to common stockholders | $ | 7.3 | | | $ | 151.0 | | | $ | 208.5 | | | $ | 474.2 | | Add: Net income from discontinued operations | — | | | 728.8 | | | — | | | 762.0 | | Net income attributable to common stockholders | $ | 7.3 | | | $ | 879.8 | | | $ | 208.5 | | | $ | 1,236.2 | | | | | | | | | | Denominator | | | | | | | | Weighted average common shares outstanding used in basic per common share calculations | 53,717,373 | | | 59,126,313 | | | 54,693,799 | | | 59,769,690 | | Incremental common shares from: | | | | | | | | PSUs | 345,887 | | | 352,918 | | | 425,887 | | | 371,793 | | ESPP | 3,345 | | | 233 | | | 5,164 | | | — | | MCPS | — | | | — | | | — | | | 713,838 | | Weighted average common shares outstanding used in diluted per common share calculations | 54,066,605 | | | 59,479,464 | | | 55,124,850 | | | 60,855,321 | | Earnings per common share - Basic | | | | | | | | Distributed earnings | $ | 0.68 | | | $ | 0.65 | | | $ | 2.06 | | | $ | 1.98 | | Undistributed earnings | (0.54) | | | 1.91 | | | 1.75 | | | 5.96 | | Net income from continuing operations | 0.14 | | | 2.56 | | | 3.81 | | | 7.94 | | Net income from discontinued operations | — | | | 12.32 | | | — | | | 12.74 | | Net income attributable to common stockholders | $ | 0.14 | | | $ | 14.88 | | | $ | 3.81 | | | $ | 20.68 | | Earnings per common share - Diluted | | | | | | | | Distributed earnings | $ | 0.68 | | | $ | 0.65 | | | $ | 2.04 | | | $ | 1.95 | | Undistributed earnings | (0.54) | | | 1.89 | | | 1.74 | | | 5.92 | | Net income from continuing operations | 0.14 | | | 2.54 | | | 3.78 | | | 7.87 | | Net income from discontinued operations | — | | | 12.25 | | | — | | | 12.52 | | Net income attributable to common stockholders | $ | 0.14 | | | $ | 14.79 | | | $ | 3.78 | | | $ | 20.39 | |
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