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Earnings Per Share | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share [Abstract] |
Earnings Per Share | EARNINGS PER SHARE Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding for the period, including vested restricted stock unit (“RSU”) awards. Diluted EPS is calculated using the treasury stock method by dividing net income by the weighted average number of shares outstanding, noted above, including the dilutive effect of unvested RSU awards and stock options. The following table presents the calculation of basic and diluted EPS:
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Net income from continuing operations | $ | 185.8 |  |  | $ | 243.7 |  |  | $ | 506.1 |  |  | $ | 804.0 |
Income from discontinued operations, net of income taxes | — |  |  | — |  |  | — |  |  | 0.9 |
Net income | $ | 185.8 |  |  | $ | 243.7 |  |  | $ | 506.1 |  |  | $ | 804.9 |
Basic weighted average common shares outstanding | 39.9 |  |  | 43.6 |  |  | 40.8 |  |  | 45.3 |
Dilutive effect of unvested RSUs and stock options | 0.4 |  |  | 0.4 |  |  | 0.3 |  |  | 0.3 |
Diluted weighted average common shares outstanding | 40.3 |  |  | 44.0 |  |  | 41.1 |  |  | 45.6 |
Basic EPS amounts(1): |  |  |  |  |  |  |
Continuing operations | $ | 4.66 |  |  | $ | 5.59 |  |  | $ | 12.40 |  |  | $ | 17.75 |
Discontinued operations | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 0.02 |
Net income | $ | 4.66 |  |  | $ | 5.59 |  |  | $ | 12.40 |  |  | $ | 17.77 |
Diluted EPS amounts(1): |  |  |  |  |  |  |
Continuing operations | $ | 4.61 |  |  | $ | 5.54 |  |  | $ | 12.31 |  |  | $ | 17.63 |
Discontinued operations | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 0.02 |
Net income | $ | 4.61 |  |  | $ | 5.54 |  |  | $ | 12.31 |  |  | $ | 17.65 |
(1) EPS amounts are calculated discretely and, therefore, may not add up to the total due to rounding.
In June 2024, we experienced an outage of our dealer management system provided by CDK Global, which is used to support our dealership operations, including our sales, service, inventory, customer relationship management, and accounting functions. Access to core functions of this system was restored by the end of June 2024, and certain ancillary systems and integrations were restored by the end of July 2024. As a result, our results of operations and earnings per share were negatively impacted by one-time compensation costs paid to commission-based associates to ensure business continuity in the second quarter of 2024 and by lost income from the disruption to our operations in the second and third quarters of 2024.

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