Net Income Per Share of Class A and Class B Common Stock (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Earnings Per Share, Basic and Diluted

Following is a reconciliation of net income and weighted average shares used for our basic earnings per share (“EPS”) and diluted EPS (in thousands, except per share amounts):



Year Ended December 31,	2018				2017				2016
(in millions, except per share data)	Class A		Class B		Class A		Class B		Class A		Class B
Net income applicable to common stockholders - basic	$	254.8	$	10.9	$	233.4	$	11.8	$	182.4	$	14.7
Reallocation of distributed net income as a result of conversion of dilutive stock options	—		—		—		—		—		—
Reallocation of distributed net income due to conversion of Class B to Class A common shares outstanding	1.1		—		1.3		—		1.8		—
Conversion of Class B common shares into Class A common shares	9.8		—		10.5		—		12.8		—
Effect of dilutive stock options on net income	—		—		—		—		0.1		(0.1		)
Net income applicable to common stockholders - diluted	$	265.7	$	10.9	$	245.2	$	11.8	$	197.1	$	14.6

Weighted average common shares outstanding – basic	23.4		1.0		23.9		1.2		23.5		1.9
Conversion of Class B common shares into Class A common shares	1.0		—		1.2		—		1.9		—
Effect of employee stock purchases and restricted stock units on weighted average common shares	0.1		—		—		—		0.1		—
Weighted average common shares outstanding – diluted	24.5		1.0		25.1		1.2		25.5		1.9

Net income per common share - basic	$	10.91	$	10.91	$	9.78	$	9.78	$	7.76	$	7.76
Net income per common share - diluted	$	10.86	$	10.86	$	9.75	$	9.76	$	7.72	$	7.72

Antidilutive Securities
Shares issuable pursuant to employee stock purchases not included since they were antidulutive	—		—		—		—		—		—