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Earnings Per Share | 9 Months Ended
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Sep. 30, 2019
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | EARNINGS PER SHARE The two-class method is utilized for the computation of the Company’s earnings per share (“EPS”). The two-class method requires a portion of net income to be allocated to participating securities, which are unvested awards of share-based payments with non-forfeitable rights to receive dividends. The Company’s restricted stock awards are participating securities. Income allocated to these participating securities is excluded from net earnings available to common shares, as shown in the table below. Basic EPS is computed by dividing net income available to basic common shares by the weighted average number of basic common shares outstanding during the period. Diluted EPS is computed by dividing net income available to diluted common shares by the weighted average number of dilutive common shares outstanding during the period. The following table sets forth the calculation of EPS for the three and nine months ended September 30, 2019 and 2018 (in millions, except share data):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
Weighted average basic common shares outstanding |  | 17,961,555 |  |  | 19,252,948 |  |  | 17,889,572 |  |  | 19,858,643 |
Dilutive effect of stock awards and employee stock purchases, net of assumed repurchase of treasury stock |  | 17,145 |  |  | 8,122 |  |  | 17,978 |  |  | 8,876 |
Weighted average dilutive common shares |  | 17,978,700 |  |  | 19,261,070 |  |  | 17,907,550 |  |  | 19,867,519 |
Basic: |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 38.0 |  |  | $ | 34.8 |  |  | $ | 125.9 |  |  | $ | 127.1 |
Less: Earnings (loss) allocated to participating securities |  | 1.4 |  |  | 1.2 |  |  | 4.7 |  |  | 4.3 |
Net income (loss) available to basic common shares |  | $ | 36.6 |  |  | $ | 33.6 |  |  | $ | 121.2 |  |  | $ | 122.8 |
Basic earnings (loss) per common share |  | $ | 2.04 |  |  | $ | 1.74 |  |  | $ | 6.78 |  |  | $ | 6.18 |
Diluted: |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 38.0 |  |  | $ | 34.8 |  |  | $ | 125.9 |  |  | $ | 127.1 |
Less: Earnings (loss) allocated to participating securities |  | 1.4 |  |  | 1.2 |  |  | 4.7 |  |  | 4.3 |
Net income (loss) available to diluted common shares |  | $ | 36.6 |  |  | $ | 33.6 |  |  | $ | 121.2 |  |  | $ | 122.8 |
Diluted earnings (loss) per common share |  | $ | 2.04 |  |  | $ | 1.74 |  |  | $ | 6.77 |  |  | $ | 6.18 |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 + Details
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