The two-class method is utilized for the computation of the Company’s EPS. The two-class method requires a portion of net income to be allocated to participating securities, which are unvested awards of share-based payments with non-forfeitable rights to receive dividends that are paid in cash. The Company’s restricted stock awards are participating securities. Income allocated to these participating securities is excluded from net earnings available to common shares, as shown in the table below. Basic EPS is computed by dividing net income available to basic common shares by the weighted average number of basic common shares outstanding during the period. Diluted EPS is computed by dividing net income available to diluted common shares by the weighted average number of dilutive common shares outstanding during the period.

The following table sets forth the calculation of EPS (in millions, except share and per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Weighted average basic common shares outstanding	12,814,393		13,226,129		12,936,243		13,277,425
Dilutive effect of stock-based awards and employee stock purchases	28,298		67,927		26,129		63,987
Weighted average dilutive common shares outstanding	12,842,691		13,294,056		12,962,372		13,341,412
Basic:
Net income	$	140.5	$	138.2	$	268.6	$	286.1
Less: Earnings allocated to participating securities from continuing operations	1.6		2.9		3.2		6.3
Less: Earnings allocated to participating securities to discontinued operations	—		—		—		—
Net income available to basic common shares	$	138.9	$	135.2	$	265.4	$	279.8
Basic earnings per common share	$	10.84	$	10.22	$	20.52	$	21.07
Diluted:
Net income	$	140.5	$	138.2	$	268.6	$	286.1
Less: Earnings allocated to participating securities from continuing operations	1.6		2.9		3.2		6.3
Less: Earnings allocated to participating securities to discontinued operations	—		—		—		—
Net income available to diluted common shares	$	139.0	$	135.2	$	265.4	$	279.8
Diluted earnings per common share	$	10.82	$	10.17	$	20.48	$	20.97