Net Income Per Share (Tables)

12 Months Ended

Dec. 31, 2021

The weighted average number of common and common equivalent shares and the calculation of basic and diluted income per common share are as follows:


	Year Ended December 31,
	2021		2020
Numerator (in millions):
Net income	$	175.0	$	54.4
Preferred stock dividends - undeclared and cumulative	2.1		6.7
Distributed earnings allocable to retired preferred shares	37.6		41.9
Net income allocable to common stockholders	$	135.3	$	5.8

Denominator (in thousands):
Average common shares outstanding - basic	13,493		9,825
Potentially dilutive shares related to stock options and restricted stock units (a)	386		298
Average common shares outstanding - diluted	13,879		10,123

Net income per common share (in dollars):
Basic	$	10.03	$	0.59
Diluted	$	9.75	$	0.57

There are no common stock equivalents excluded from the diluted calculation as a result of a net loss in the period or options outstanding and considered anti-dilutive as their exercise price exceeded the average share market