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EARNINGS PER SHARE | 3 Months Ended
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Mar. 31, 2023
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | EARNINGS PER SHARE We calculate basic earnings per share (EPS) by dividing net income attributable to Lithia Motors, Inc. by the weighted average number of common shares outstanding for the period, including vested RSU awards. Diluted EPS is calculated by dividing net income attributable to Lithia Motors, Inc. by the weighted average number of shares outstanding, adjusted for the dilutive effect of unvested RSU awards and employee stock purchases. The following is a reconciliation of net income attributable to Lithia Motors, Inc. and weighted average shares used for our basic EPS and diluted EPS:
Three Months Ended March 31, |  |  |  | Three Months Ended March 31,
(in millions, except per share amounts) |  |  |  |  |  | 2023 |  | 2022
Net income attributable to Lithia Motors, Inc. and applicable to common stockholders |  |  |  |  |  | $ | 228.7 |  |  | $ | 342.2 |
Weighted average common shares outstanding – basic |  |  |  |  |  | 27.5 |  |  | 29.5 |
Effect of employee stock purchases and restricted stock units on weighted average common shares |  |  |  |  |  | — |  |  | 0.1 |
Weighted average common shares outstanding – diluted |  |  |  |  |  | 27.5 |  |  | 29.6 |
Basic earnings per share attributable to Lithia Motors, Inc. |  |  |  |  |  | $ | 8.32 |  |  | $ | 11.59 |
Diluted earnings per share attributable to Lithia Motors, Inc. |  |  |  |  |  | $ | 8.30 |  |  | $ | 11.55 |
The effect of antidilutive securities on common stock was evaluated for the three-month periods ended March 31, 2023, and 2022 and was determined to be immaterial.

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