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Earnings Per Share | 6 Months Ended
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Jun. 30, 2024
Earnings Per Share [Abstract] |
Earnings Per Share | EARNINGS PER SHARE The Company computes earnings per share (“EPS”) in accordance with Accounting Standards Codification (“ASC”) 260, Earnings per Share, which requires that non-vested restricted stock containing non-forfeitable dividend rights should be treated as participating securities pursuant to the two-class method. Under the two-class method, net income is reduced by the amount of dividends declared in the period for common stock and participating securities. The remaining undistributed earnings are then allocated to common stock and participating securities as if all of the net income for the period had been distributed. The amounts of distributed and undistributed earnings allocated to participating securities for the three and six months ended June 30, 2024 and 2023 were insignificant and did not materially impact the calculation of basic or diluted EPS. Basic EPS is computed by dividing income available to common stockholders by the weighted average number of shares of common stock and non-vested restricted stock awards outstanding for the period. Diluted EPS is computed using the weighted average number of shares of common stock and non-vested restricted stock awards outstanding for the year, plus the effect of dilutive potential common shares outstanding during the period. The dilutive effect of common stock equivalents is determined using the more dilutive of the two-class method or alternative methods. The Company uses the treasury stock method to determine the potentially dilutive impact of our employee stock options and restricted stock units, and the contingently issuable method for our performance-based restricted stock unit awards. For both the three and six months ended June 30, 2024 and 2023, the number of options to purchase shares of the Company’s stock that had an antidilutive effect on EPS was immaterial. The following table reconciles Net income to basic and diluted EPS:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions, except per share data) | 2024 |  | 2023 |  | 2024 |  | 2023
Net income | $ | 60.8 |  |  | $ | 40.3 |  |  | $ | 112.4 |  |  | $ | 67.7 |
Weighted average shares outstanding – Basic | 61.0 |  |  | 60.7 |  |  | 61.0 |  |  | 60.7 |
Dilutive effect of common stock equivalents | 0.7 |  |  | 0.7 |  |  | 0.7 |  |  | 0.7 |
Weighted average shares outstanding – Diluted | 61.7 |  |  | 61.4 |  |  | 61.7 |  |  | 61.4 |
Earnings per share: |  |  |  |  |  |  |
Basic | $ | 1.00 |  |  | $ | 0.66 |  |  | $ | 1.84 |  |  | $ | 1.12 |
Diluted | 0.99 |  |  | 0.66 |  |  | 1.82 |  |  | 1.10 |

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