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EARNINGS PER SHARE | 6 Months Ended
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Jun. 30, 2021
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | EARNINGS PER SHARE 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 that are paid in cash. 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 three and six months ended June 30, 2021 and 2020 (in millions, except share and per share data):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Weighted average basic common shares outstanding |  | 17,747,518 |  |  | 17,771,447 |  |  | 17,752,577 |  |  | 17,767,449 |
Dilutive effect of stock-based awards and employee stock purchases |  | 81,952 |  |  | 40,166 |  |  | 74,217 |  |  | 42,488 |
Weighted average dilutive common shares outstanding |  | 17,829,470 |  |  | 17,811,613 |  |  | 17,826,794 |  |  | 17,809,937 |
Basic: |  |  |  |  |  |  |  |
Net income |  | $ | 191.0 |  |  | $ | 30.2 |  |  | $ | 292.9 |  |  | $ | 60.0 |
Less: Earnings allocated to participating securities |  | 6.4 |  |  | 1.1 |  |  | 9.9 |  |  | 2.2 |
Net income available to basic common shares |  | $ | 184.5 |  |  | $ | 29.1 |  |  | $ | 283.0 |  |  | $ | 57.8 |
Basic earnings per common share |  | $ | 10.40 |  |  | $ | 1.64 |  |  | $ | 15.94 |  |  | $ | 3.25 |
Diluted: |  |  |  |  |  |  |  |
Net income |  | $ | 191.0 |  |  | $ | 30.2 |  |  | $ | 292.9 |  |  | $ | 60.0 |
Less: Earnings allocated to participating securities |  | 6.4 |  |  | 1.1 |  |  | 9.9 |  |  | 2.1 |
Net income available to diluted common shares |  | $ | 184.5 |  |  | $ | 29.1 |  |  | $ | 283.0 |  |  | $ | 57.8 |
Diluted earnings per common share |  | $ | 10.35 |  |  | $ | 1.63 |  |  | $ | 15.88 |  |  | $ | 3.25 |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257 + Details
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