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Earnings Per Common Share | 9 Months Ended
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Sep. 30, 2023
Earnings Per Share [Abstract] |
Earnings Per Common Share | Earnings Per Common Share Basic earnings per common share is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted earnings per common share (“Diluted EPS”) takes into account the potential dilution that could occur if outstanding securities were exercised or settled in shares. Dilutive securities that may impact Diluted EPS include shares underlying outstanding stock options, restricted stock units and performance share units granted to employees and non-employees (see Note 12), as well as common shares underlying the Convertible Notes (see Note 5). Dilutive securities related to common shares underlying outstanding stock options, restricted stock units, and performance share units granted to employees and non-employee directors are included in the calculation of diluted earnings per common share using the treasury stock method. Dilutive securities related to common shares underlying the Convertible Notes are included in the calculation of diluted earnings per common share using the if-converted method. Basic and diluted weighted-average common shares outstanding are the same in periods when a net loss is reported or when anti-dilution occurs. The following table summarizes the computation of basic and diluted earnings per common share (in millions, except per share data):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Earnings per common share—basic |  |  |  |  |  |  |
Net income | $ | 29.7 |  |  | $ | 38.5 |  |  | $ | 172.1 |  |  | $ | 230.6 |
Weighted-average common shares outstanding—basic | 185.2 |  |  | 184.8 |  |  | 185.2 |  |  | 184.9 |
Earnings per common share—basic | $ | 0.16 |  |  | $ | 0.21 |  |  | $ | 0.93 |  |  | $ | 1.25 |
Earnings per common share—diluted |  |  |  |  |  |  |
Net income | $ | 29.7 |  |  | $ | 38.5 |  |  | $ | 172.1 |  |  | $ | 230.6 |
Interest expense attributable to convertible notes | 1.6 |  |  | 1.6 |  |  | 4.8 |  |  | 4.8 |
Net income attributable to earnings per common share—diluted | $ | 31.3 |  |  | $ | 40.1 |  |  | $ | 176.9 |  |  | $ | 235.4 |
Weighted-average common shares outstanding—basic | 185.2 |  |  | 184.8 |  |  | 185.2 |  |  | 184.9 |
Convertible Notes weighted-average common shares outstanding | 14.7 |  |  | 14.7 |  |  | 14.7 |  |  | 14.7 |
Outstanding options, restricted stock units and performance share units | 1.3 |  |  | 2.3 |  |  | 1.4 |  |  | 1.4 |
Weighted-average common shares outstanding—diluted | 201.2 |  |  | 201.8 |  |  | 201.3 |  |  | 201.0 |
Earnings per common share—diluted | $ | 0.16 |  |  | $ | 0.20 |  |  | $ | 0.88 |  |  | $ | 1.17 |
Anti-Dilutive Options and Restricted Stock Units For the three and nine months ended September 30, 2023, approximately 3.0 million and 1.9 million securities outstanding, respectively, comprised of stock options and restricted stock units, were excluded from the calculation of diluted EPS as they would be anti-dilutive. For both the three and nine months ended September 30, 2022, approximately 1.3 million securities outstanding, comprised of stock options and restricted stock units, were excluded from the calculation of diluted EPS as they would be anti-dilutive.

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