Earnings Per Share

9 Months Ended

Sep. 30, 2021

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 September 30,
In millions, except per share data	2021			2020
Numerator
Numerator for basic and diluted earnings per common share - net income attributable to Wabtec shareholders	$	130.6		$	128.1
Less: dividends declared - common shares and non-vested restricted stock	(22.6)			(22.8)
Undistributed earnings	108.0			105.3
Percentage allocated to common shareholders (1)	99.8		%	99.8		%
	107.8			105.1
Add: dividends declared - common shares	22.6			22.8
Numerator for basic earnings per common share	$	130.4		$	127.9
Numerator for diluted earnings per common share	$	130.4		$	127.9
Denominator
Denominator for basic earnings per common share - weighted average shares	187.6			189.8
Effect of dilutive securities:
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	188.0			190.2
Net income attributable to Wabtec shareholders per common share
Basic	$	0.69		$	0.67
Diluted	$	0.69		$	0.67

(1) Basic weighted-average common shares outstanding	187.6			189.8
Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest	188.0			190.3
Percentage allocated to common shareholders	99.8		%	99.8		%


	Nine Months Ended September 30,
In millions, except per share data	2021			2020
Numerator
Numerator for basic and diluted earnings per common share - net income attributable to Wabtec shareholders	$	367.8		$	326.5
Less: dividends declared - common shares and non-vested restricted stock	(68.0)			(68.7)
Undistributed earnings	299.8			257.8
Percentage allocated to common shareholders (1)	99.8		%	99.7		%
	299.2			257.0
Add: dividends declared - common shares	67.9			68.5
Numerator for basic earnings per common share	$	367.1		$	325.5
Numerator for diluted earnings per common share	$	367.1		$	325.5
Denominator
Denominator for basic earnings per common share - weighted average shares	188.2			190.1
Effect of dilutive securities:
Assumed conversion of dilutive stock-based compensation plans	0.4			0.5
Denominator for diluted earnings per common share - adjusted weighted average shares and assumed conversion	188.6			190.6
Net income attributable to Wabtec shareholders per common share
Basic	$	1.95		$	1.71
Diluted	$	1.95		$	1.71

(1) Basic weighted-average common shares outstanding	188.2			190.1
Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest	188.6			190.6
Percentage allocated to common shareholders	99.8		%	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. Approximately 0.1 million outstanding shares of Common Stock for the three and nine month period of 2021 were not included in the computation of quarterly or year-to-date diluted earnings per share because their exercise price exceeded the average market price of the Company's common stock.