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Earnings Per Common Share
 12 Months Ended
Dec. 31, 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, RSUs and PRSUs granted to employees and non-employee directors (see Note 15), as well as common shares underlying the Convertible Notes (see Note 7). Dilutive securities related to shares underlying outstanding stock options, RSUs and PRSUs 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 (see Note 3).
Basic and diluted weighted-average common shares outstanding are the same in periods when a net loss is reported or in periods when anti-dilution occurs.
The following table summarizes the computation of basic and diluted earnings per share (in millions, except per share data):
Year Ended December 31,
 202320222021
Earnings per common share—basic
Net income$95.0 $157.9 $322.0 
Weighted-average common shares outstanding—basic185.0 184.9 169.1 
Earnings per common share—basic$0.51 $0.85 $1.90 
Earnings per common share—diluted
Net income$95.0 $157.9 $322.0 
Interest expense6.5 6.4 — 
Net income attributable to earnings per common share—diluted$101.5 $164.3 $322.0 
Weighted-average common shares outstanding—basic185.0 184.9 169.1 
Weighted-average shares outstanding - Convertible Notes(1)
14.7 14.7 5.9 
Outstanding options, restricted stock units and performance share units1.4 1.7 1.9 
Weighted-average common shares outstanding—diluted201.1 201.3 176.9 
Earnings per common share—diluted$0.50 $0.82 $1.82 
(1) For 2021, the Dilutive impact of the Convertible Notes was calculated using the Treasury Stock Method. See Note 3 for further detail.
Anti-Dilutive Options and Restricted Stock Units
For the year ended December 31, 2023, approximately 2.3 million securities outstanding, comprised of stock options and restricted stock units, were excluded from the calculation of dilutive earnings per common share, as they would be anti-dilutive. For each of the years ended December 31, 2022 and 2021, approximately 1.3 million securities outstanding, comprised of stock options, restricted stock units and performance share units, were excluded from the calculation of diluted earnings per common share, respectively, as they would be anti-dilutive.