The Company presents basic and diluted earnings per share (“EPS”) using the two-class method, which requires all outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends and therefore participate in undistributed earnings with common stockholders be included in computing earnings per share. Under the two-class method, net income is reduced by the amount of dividends declared in the period for each class of common stock and participating security. The remaining undistributed earnings are then allocated to common stock and participating securities, based on their respective rights to receive dividends. Restricted stock awards granted to certain employees and directors contain non-forfeitable rights to dividends at the same rate as common stock and are considered participating securities. Basic EPS has been computed by dividing net income by the weighted-average number of common shares outstanding.


	Three Months Ended March 31,				Six Months Ended March 31,
(in millions, except share amounts)	2025		2024		2025		2024
Numerator:
Net income	$	71.7	$	53.1	$	156.8	$	122.2
Less: Allocation to participating securities	(2.1)		(1.9)		(4.8)		(4.3)
Net income allocated to common stockholders	$	69.6	$	51.2	$	152.0	$	117.9






Denominator:
Weighted average number of:
Common shares outstanding	46,789,431		45,710,784		46,602,574		45,529,236
Dilutive potential common shares outstanding:
Share-based awards	2,586,992		1,537,630		2,378,871		1,531,372
Diluted weighted-average common shares	49,376,423		47,248,414		48,981,445		47,060,608

The dilutive effect of share-based awards is reflected in diluted net income per share by applying the treasury stock method, which includes consideration of unamortized share-based compensation expense.

Options to purchase 259,514 and 2,774,979 shares of common stock for the three months ended March 31, 2025 and 2024, respectively, were excluded from the calculation of diluted earnings per share as they would have been anti-dilutive. Options to purchase 336,304 and 1,982,302 shares of common stock for the six months ended March 31, 2025 and 2024, respectively, were excluded from the calculation of diluted earnings per share as they would have been anti-dilutive.