Earnings Per Share

12 Months Ended

Dec. 31, 2022

The calculation of Earnings per share (basic) is based on the weighted average number of shares of the Company’s common stock outstanding during the period. Earnings per share (diluted) is similar to Earnings per share (basic), but adjusts for the dilutive effect of the potential issuance of incremental shares of the Company’s common stock.

The following is a reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per share available to common stockholders:


	For the Years Ended December 31,
	2020		2021		2022
Numerator
Net income (controlling interest)	$	202.2	$	565.7	$	1,145.9
Income from hypothetical settlement of Redeemable non-controlling interests, net of tax	—		—		82.9
Interest expense on junior convertible securities, net of taxes	—		18.5		14.0
Net income (controlling interest), as adjusted	$	202.2	$	584.2	$	1,242.8
Denominator
Average shares outstanding (basic)	46.5		41.5		38.5
Effect of dilutive instruments:
Stock options and restricted stock units	0.2		1.2		1.3

Hypothetical issuance of shares to settle Redeemable non-controlling interests	—		—		7.4
Junior convertible securities	—		2.1		1.8
Average shares outstanding (diluted)	46.7		44.8		49.0

Average shares outstanding (diluted) in the table above excludes stock options and restricted stock units that have not met certain performance conditions and instruments that have an anti-dilutive effect on Earnings per share (diluted). The following is a summary of items excluded from the denominator in the table above:


	For the Years Ended December 31,
	2020	2021	2022
Stock options and restricted stock units	2.9	0.2	0.2
Junior convertible securities	2.2	—	—
Shares issuable to settle Redeemable non-controlling interests	—	—	0.1