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Common Equity | 9 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
Common Equity | COMMON EQUITY Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2024 and 2023, respectively.
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions, except per share data) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Numerator: |  |  |  |  |  |  |  |
Net income available to common shareholders |  | $ | 30.6 |  |  | $ | 35.6 |  |  | $ | 84.4 |  |  | $ | 211.1 |
Denominator: |  |  |  |  |  |  |  |
Weighted average common shares outstanding |  | 175.2 |  |  | 176.9 |  |  | 175.6 |  |  | 177.7 |
Dilutive effect of share-based awards and options outstanding |  | 0.7 |  |  | 0.9 |  |  | 0.5 |  |  | 0.8 |
Weighted average diluted common shares outstanding (1) |  | 175.9 |  |  | 177.7 |  |  | 176.1 |  |  | 178.5 |
Basic earnings per common share |  | $ | 0.17 |  |  | $ | 0.20 |  |  | $ | 0.48 |  |  | $ | 1.19 |
Diluted earnings per common share |  | 0.17 |  |  | 0.20 |  |  | 0.48 |  |  | 1.18 |
(1)Weighted average diluted common shares outstanding may not sum due to rounding. The calculation of diluted earnings per share excluded 0.1 million share-based awards and options for the three months ended September 30, 2024 and no share-based awards and options for the nine months ended September 30, 2024 that had an anti-dilutive effect. The calculation excluded 0.1 million and 0.3 million share-based awards and options that had an anti-dilutive effect for the three and nine months ended September 30, 2023, respectively. Common Shares Outstanding As of September 30, 2024 and December 31, 2023, we had 83,029,500 shares of Class A common stock outstanding. There were no changes to the number of shares of Class A common stock outstanding for the three and nine months ended September 30, 2024 and 2023. The following table shows changes to our Class B common shares outstanding for the three and nine months ended September 30, 2024 and 2023.
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Outstanding at beginning of period |  | 92,301,573 |  |  | 94,064,251 |  |  | 92,931,242 |  |  | 94,993,144 |
Repurchases of common stock |  | (145,896) |  |  | (497,435) |  |  | (1,289,769) |  |  | (1,869,474) |
Share issuances |  | — |  |  | 219 |  |  | 698,133 |  |  | 681,642 |
Exercise of employee stock options |  | — |  |  | — |  |  | 71,529 |  |  | 6,000 |
Shares withheld for employee taxes |  | — |  |  | — |  |  | (255,458) |  |  | (244,277) |
Outstanding at end of period |  | 92,155,677 |  |  | 93,567,035 |  |  | 92,155,677 |  |  | 93,567,035 |
In January 2023, our Board approved a share repurchase program under which the Company is authorized to repurchase up to $150.0 million of its Class A and/or Class B common shares. The program does not obligate the Company to repurchase a minimum number of shares and is intended to help offset the dilutive effect of equity grants to employees over time. Under this program, the Company may repurchase shares in privately negotiated and/or open market transactions. As of September 30, 2024, the Company has repurchased $95.5 million of the $150.0 million authorized under the repurchase program. Subsequent Event - Dividends Declared In October of 2024, the Board declared a quarterly cash dividend for the fourth fiscal quarter of 2024 in the amount of $0.095 per share to holders of our Class A and Class B common stock. The dividend is payable to shareholders of record at the close of business on December 13, 2024 and will be paid on January 8, 2025.

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