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EARNINGS PER SHARE | 3 Months Ended
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Mar. 31, 2024
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 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 (in millions, except share and per share data):
|  | Three Months Ended March 31, |  |
|  | 2024 |  | 2023 |  |  |  |
Weighted average basic common shares outstanding |  | 13,328,721 |  |  | 13,861,289 |  |  |  |  |
Dilutive effect of stock-based awards and employee stock purchases |  | 60,048 |  |  | 53,438 |  |  |  |  |
Weighted average dilutive common shares outstanding |  | 13,388,769 |  |  | 13,914,727 |  |  |  |  |
Basic: |  |  |  |  |  |  |  |
Net income |  | $ | 147.9 |  |  | $ | 158.4 |  |  |  |  |
Less: Earnings allocated to participating securities from continuing operations |  | 3.3 |  |  | 4.1 |  |  |  |  |
Less: Earnings (loss) allocated to participating securities from discontinued operations |  | — |  |  | — |  |  |  |  |
Net income available to basic common shares |  | $ | 144.5 |  |  | $ | 154.4 |  |  |  |  |
Basic earnings per common share |  | $ | 10.84 |  |  | $ | 11.14 |  |  |  |  |
Diluted: |  |  |  |  |  |  |  |
Net income |  | $ | 147.9 |  |  | $ | 158.4 |  |  |  |  |
Less: Earnings allocated to participating securities from continuing operations |  | 3.3 |  |  | 4.1 |  |  |  |  |
Less: Earnings (loss) allocated to participating securities from discontinued operations |  | — |  |  | — |  |  |  |  |
Net income available to diluted common shares |  | $ | 144.6 |  |  | $ | 154.4 |  |  |  |  |
Diluted earnings per common share |  | $ | 10.80 |  |  | $ | 11.10 |  |  |  |  |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-3 + Details
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