Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2019

The two-class method is utilized for the computation of the Company’s 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 RSAs 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 years ended December 31, 2019, 2018, and 2017 (in millions, except share and per share data):



	Years Ended December 31,
	2019		2018		2017
Weighted average basic common shares outstanding	17,917,195		19,452,560		20,419,858
Dilutive effect of stock awards and employee stock purchases, net of assumed repurchase of treasury stock	18,879		8,492		5,041
Weighted average dilutive common shares	17,936,074		19,461,052		20,424,899
Basic:
Net income (loss)	$	174.0	$	157.8	$	213.4
Less: Earnings (loss) allocated to participating securities	6.4		5.4		7.5
Net income (loss) available to basic common shares	$	167.6	$	152.4	$	205.9
Basic earnings (loss) per common share	$	9.35	$	7.83	$	10.08
Diluted:
Net income (loss)	$	174.0	$	157.8	$	213.4
Less: Earnings (loss) allocated to participating securities	6.4		5.4		7.5
Net income (loss) available to diluted common shares	$	167.6	$	152.4	$	205.9
Diluted earnings (loss) per common share	$	9.34	$	7.83	$	10.08