14. EARNINGS PER SHARE (EPS)
We present EPS using the two-class method. This method allocates undistributed earnings between common shares and non-vested share-based payment awards that entitle the holder to non-forfeitable dividend rights. Our participating securities are our non-vested restricted stock units.
The following table sets forth the computation of our basic and diluted EPS available to shareholders of common stock (excluding participating securities): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | | June 30, | | June 30, | | | | 2025 | | 2024 | | 2025 | | 2024 | | | | (in millions, except per share data) | | Numerator | | | | | | | | | | Net income | | $ | 39.3 | | | $ | 18.2 | | | $ | 46.4 | | | $ | 38.7 | | | Less: Net income attributable to participating securities | | (1.6) | | | (0.7) | | | (1.9) | | | (1.3) | | | | | | | | | | | | | | | | | | | | | Net income attributable to common shareholders - Basic and Dilutive | | $ | 37.7 | | | $ | 17.5 | | | $ | 44.5 | | | $ | 37.4 | | | | | | | | | | | | Denominators | | | | | | | | | | Basic common shares outstanding - | | | | | | | | | | Weighted-average shares outstanding | | 123.9 | | | 121.9 | | | 123.2 | | | 121.4 | | | Less: Weighted-average participating securities | | (5.3) | | | (4.3) | | | (5.0) | | | (4.0) | | | Weighted-average common shares outstanding | | 118.6 | | | 117.6 | | | 118.2 | | | 117.4 | | | | | | | | | | | | Effect of dilutive securities - | | | | | | | | | | Dilutive stock-based compensation | | 0.2 | | | 0.1 | | | 0.1 | | | 0.1 | | | | | | | | | | | | | Diluted shares outstanding - | | | | | | | | | | Adjusted weighted-average shares after assumed conversions | | 118.8 | | | 117.7 | | | 118.3 | | | 117.5 | | | | | | | | | | | | | Basic EPS | | $ | 0.32 | | | $ | 0.15 | | | $ | 0.38 | | | $ | 0.32 | | | | | | | | | | | | | Diluted EPS | | $ | 0.32 | | | $ | 0.15 | | | $ | 0.38 | | | $ | 0.32 | |
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