XML 29 R15.htm IDEA: XBRL DOCUMENT v3.21.2
EARNINGS PER SHARE
 9 Months Ended
Sep. 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 nine months ended September 30, 2021 and 2020 (in millions, except share and per share data):
 Three Months Ended September 30,Nine Months Ended September 30,
 2021202020212020
Weighted average basic common shares outstanding17,753,957 17,776,888 17,753,042 17,770,619 
Dilutive effect of stock-based compensation and employee stock purchases 82,298 58,661 76,940 47,919 
Weighted average dilutive common shares outstanding17,836,255 17,835,549 17,829,982 17,818,538 
Basic:
Net income$172.1 $126.4 $465.0 $186.4 
Less: Earnings allocated to participating securities5.7 4.6 15.7 6.7 
Net income available to basic common shares$166.4 $121.9 $449.4 $179.7 
Basic earnings per common share$9.37 $6.86 $25.31 $10.11 
Diluted:
Net income$172.1 $126.4 $465.0 $186.4 
Less: Earnings allocated to participating securities5.7 4.5 15.6 6.7 
Net income available to diluted common shares$166.4 $121.9 $449.4 $179.7 
Diluted earnings per common share$9.33 $6.83 $25.21 $10.08