XML 27 R15.htm IDEA: XBRL DOCUMENT v3.24.3
EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 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 September 30,Nine Months Ended September 30,
 2024202320242023
Weighted average basic common shares outstanding13,139,393 13,661,059 13,231,079 13,765,791 
Dilutive effect of stock-based awards and employee stock purchases 76,924 57,669 68,331 50,404 
Weighted average dilutive common shares outstanding13,216,317 13,718,728 13,299,410 13,816,194 
Basic:
Net income$117.3 $163.9 $403.3 $492.9 
Less: Earnings allocated to participating securities from continuing operations2.4 4.0 8.6 12.3 
Less: Earnings (loss) allocated to participating securities to discontinued operations
— — — — 
Net income available to basic common shares$114.9 $159.9 $394.7 $480.6 
Basic earnings per common share$8.74 $11.70 $29.83 $34.91 
Diluted:
Net income$117.3 $163.9 $403.3 $492.9 
Less: Earnings allocated to participating securities from continuing operations2.4 4.0 8.6 12.2 
Less: Earnings (loss) allocated to participating securities to discontinued operations
— — — — 
Net income available to diluted common shares$114.9 $159.9 $394.7 $480.6 
Diluted earnings per common share$8.69 $11.65 $29.68 $34.79