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Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2020

EARNINGS (LOSS) PER SHAREThe 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, 2020, 2019 and 2018 (in millions, except share and per share data):


	Years Ended December 31,
	2020		2019		2018
Weighted average basic common shares outstanding	17,754,666		17,917,195		19,452,560
Dilutive effect of stock-based awards and employee stock purchases	51,912		18,879		8,492
Weighted average dilutive common shares outstanding	17,806,578		17,936,074		19,461,052
Basic:
Net income (loss)	$	286.5	$	174.0	$	157.8
Less: Earnings (loss) allocated to participating securities	10.3		6.4		5.4
Net income (loss) available to basic common shares	$	276.2	$	167.6	$	152.4
Basic earnings (loss) per common share	$	15.55	$	9.35	$	7.83
Diluted:
Net income (loss)	$	286.5	$	174.0	$	157.8
Less: Earnings (loss) allocated to participating securities	10.3		6.4		5.4
Net income (loss) available to diluted common shares	$	276.2	$	167.6	$	152.4
Diluted earnings (loss) per common share	$	15.51	$	9.34	$	7.83