Earnings Per Share

3 Months Ended

Mar. 31, 2021

Basic earnings per common share is computed by dividing net income available to common stockholders by the weighted average of common shares outstanding during the period. Diluted earnings per common share adjusts basic earnings per common share for the effects of stock options and restricted stock in the periods where such items are dilutive.

On October 28, 2020, the Board of Directors approved an up to $500 million share repurchase program to be in effect through December 2023. For the three months ended March 31, 2021, the Company repurchased 397,882 shares of common stock for an average price of $125.67 per share including brokerage fees. For the three months ended March 31, 2020, 1,362,400 shares were repurchased for an average price of $103.17 per share under previous board authorizations.

The following table provides a reconciliation of basic and diluted earnings per share computations for the three months ended March 31, 2021 and 2020:


	Three Months Ended March 31,
(Millions of dollars, except share and per share amounts)		2021		2020
Earnings per common share:
Net income per share - basic


Net income attributable to common stockholders		$	55.3	$	89.3

Weighted average common shares outstanding (in thousands)		27,131		30,235

Earnings per common share		$	2.04	$	2.95




Earnings per common share - assuming dilution:
Net income per share - diluted


Net income attributable to common stockholders	$	55.3	$	89.3

Weighted average common shares outstanding (in thousands)	27,131		30,235
Common equivalent shares:
Dilutive share-based awards	357		306
Weighted average common shares outstanding - assuming dilution (in thousands)	27,488		30,541

Earnings per common share assuming dilution	$	2.01	$	2.92

We have excluded from the earnings-per-share calculation certain stock options and shares that are considered to be anti-dilutive under the treasury stock method and reported in the table below.


	Three Months Ended March 31,
Potentially dilutive shares excluded from the calculation as their inclusion would be anti-dilutive		2021	2020
Stock Options		81,300	75,600
Restricted share units		20,491	70,887
Total anti-dilutive shares		101,791	146,487