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Net Income Per Share of Class A and Class B Common Stock (Tables)
 6 Months Ended
Jun. 30, 2019
Earnings Per Share [Abstract]  
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 millions, except per share amounts):
Three Months Ended June 30,
 
2019
 
2018
(in millions, except per share data)
 
Class A
 
Class B
 
Class A
 
Class B
Net income applicable to common stockholders - basic
 
$
59.8

 
$
2.1

 
$
58.2

 
$
2.5

Reallocation of net income due to conversion of Class B to Class A common shares outstanding
 
0.2

 
—

 
0.3

 
—

Conversion of Class B common shares into Class A common shares
 
1.9

 
—

 
2.2

 
—

Net income applicable to common stockholders - diluted
 
$
61.9

 
$
2.1

 
$
60.7

 
$
2.5

 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding – basic
 
22.6

 
0.8

 
23.8

 
1.0

Conversion of Class B common shares into Class A common shares
 
0.8

 
—

 
1.0

 
—

Effect of dilutive stock options on weighted average common shares
 
0.1

 
—

 
0.1

 
—

Weighted average common shares outstanding – diluted
 
23.5

 
0.8

 
24.9

 
1.0

 
 
 
 
 
 
 
 
 
Net income per common share - basic
 
$
2.65

 
$
2.65

 
$
2.45

 
$
2.45

Net income per common share - diluted
 
$
2.63

 
$
2.63

 
$
2.44

 
$
2.44


The effect of antidilutive securities on Class A and Class B common stock was evaluated for the three-month periods ended June 30, 2019, and 2018 and was determined to be immaterial.
Six Months Ended June 30,
 
2019
 
2018
(in millions, except per share data)
 
Class A
 
Class B
 
Class A
 
Class B
Net income applicable to common stockholders - basic
 
$
114.2

 
$
4.1

 
$
108.2

 
$
4.5

Reallocation of net income due to conversion of Class B to Class A common shares outstanding
 
0.5

 
—

 
0.6

 
—

Conversion of Class B common shares into Class A common shares
 
3.6

 
—

 
3.9

 
—

Net income applicable to common stockholders - diluted
 
$
118.3

 
$
4.1

 
$
112.7

 
$
4.5

 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding – basic
 
22.4

 
0.8

 
23.9

 
1.0

Conversion of Class B common shares into Class A common shares
 
0.8

 
—

 
1.0

 
—

Effect of employee stock purchases and restricted stock units on weighted average common shares
 
0.1

 
—

 
0.1

 
—

Weighted average common shares outstanding – diluted
 
23.3

 
0.8

 
25.0

 
1.0

 
 
 
 
 
 
 
 
 
Net income per common share - basic
 
$
5.10

 
$
5.10

 
$
4.52

 
$
4.52

Net income per common share - diluted
 
$
5.08

 
$
5.08

 
$
4.50

 
$
4.50