Earnings Per Share

6 Months Ended

Jun. 30, 2020

EARNINGS PER SHARE

The computation of basic and diluted earnings per share for net income attributable to Wabtec shareholders is as follows:


	Three Months Ended June 30,
In millions, except per share data	2020			2019
Numerator
Numerator for basic and diluted earnings per common share - net income attributable to Wabtec shareholders	$	86.8		$	104.1
Less: dividends declared - common shares and non-vested restricted stock	(22.8)			(22.5)
Undistributed earnings	64.0			81.6
Percentage allocated to common shareholders (1)	99.7		%	99.7		%
	63.8			81.4
Add: dividends declared - common shares	22.8			22.5
Less: dividends declared - preferred shares	—			(0.4)
Numerator for basic earnings per common share	86.6			103.5
Add: dividends declared - preferred shares	—			0.4
Numerator for diluted earnings per common share	86.6			103.9
Denominator
Denominator for basic earnings per common share - weighted average shares	189.8			177.3
Effect of dilutive securities:
Assumed conversion of preferred shares	—			13.7
Assumed conversion of dilutive stock-based compensation plans	0.4			0.4
Denominator for diluted earnings per common share adjusted weighted average shares and assumed conversion	190.2			191.5
Net income attributable to Wabtec shareholders per common share
Basic	$	0.46		$	0.58
Diluted	$	0.46		$	0.54


(1) Basic weighted-average common shares outstanding	189.8		177.3
Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest	190.3		177.9
Percentage allocated to common shareholders	99.7	%	99.7	%


	Six Months Ended June 30,
In millions, except per share data	2020			2019
Numerator
Numerator for basic and diluted earnings per common share - net income attributable to Wabtec shareholders	$	198.4		$	99.7
Less: dividends declared - common shares and non-vested restricted stock	(45.8)			(34.2)
Undistributed earnings	152.6			65.5
Percentage allocated to common shareholders (1)	99.7		%	99.7		%
	152.1			65.3
Add: dividends declared - common shares	45.7			34.1
Less: dividends declared - preferred shares	—			(0.4)
Numerator for basic earnings per common share	197.8			99.0
Add: dividends declared - preferred shares	—			0.4
Numerator for diluted earnings per common share	197.8			99.4
Denominator
Denominator for basic earnings per common share - weighted average shares	190.3			149.6
Effect of dilutive securities:
Assumed conversion of preferred shares	—			12.2
Assumed conversion of dilutive stock-based compensation plans	0.5			0.4
Denominator for diluted earnings per common share adjusted weighted average shares and assumed conversion	190.8			162.2
Net income attributable to Wabtec shareholders per common share
Basic	$	1.04		$	0.66
Diluted	$	1.04		$	0.61


(1) Basic weighted-average common shares outstanding	190.3		149.6
Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest	190.8		150.0
Percentage allocated to common shareholders	99.7	%	99.7	%

The Company’s non-vested restricted stock contains rights to receive nonforfeitable dividends, and thus are participating securities requiring the two-class method of computing earnings per share. The calculation of earnings per share for common stock shown above excludes the income attributable to the non-vested restricted stock from the numerator and excludes the dilutive impact of those shares from the denominator.