ASSURANT INC
For the period ended Dec 31, 2023. Filed Feb 15, 2024.
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FY2023 · Filed Feb 15, 2024
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Earnings Per Common Share
- Earnings Per Common Share
The following table presents net income, the weighted average common shares used in calculating basic EPS and those used in calculating diluted EPS for each period presented below. Diluted EPS reflects the incremental common shares from: (1) common shares issuable upon vesting of PSUs and ESPP using the treasury stock method; and (2) common shares issuable upon conversion of the MCPS using the if-converted method. Refer to Notes 20 and 21 for further information regarding potential common stock issuances. The outstanding RSUs have non-forfeitable rights to dividend equivalents and are therefore included in calculating basic and diluted EPS under the two-class method.
| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Numerator | |||
| Net income from continuing operations | $642.5 | $276.6 | $602.9 |
| Less: Preferred stock dividends | — | — | (4.7) |
| Net income from continuing operations attributable to common stockholders | 642.5 | 276.6 | 598.2 |
| Less: Common stock dividends paid | (152.3) | (150.2) | (157.6) |
| Undistributed earnings | $490.2 | $126.4 | $440.6 |
| Net income from continuing operations attributable to common stockholders | $642.5 | $276.6 | $598.2 |
| Add: Net income from discontinued operations | — | — | 758.9 |
| Net income attributable to common stockholders | $642.5 | $276.6 | $1,357.1 |
| Denominator | |||
| Weighted average common shares outstanding used in basic per common share calculations | 53,455,139 | 54,371,531 | 59,140,861 |
| Incremental common shares from: | |||
| PSUs | 294,808 | 348,036 | 403,316 |
| ESPP | 33,122 | 62,961 | 45,604 |
| MCPS | — | — | 533,913 |
| Weighted average common shares outstanding used in diluted per common share calculations | 53,783,069 | 54,782,528 | 60,123,694 |
| Earnings per common share – Basic | |||
| Distributed earnings | $2.85 | $2.76 | $2.66 |
| Undistributed earnings | 9.17 | 2.33 | 7.45 |
| Net income from continuing operations | 12.02 | 5.09 | 10.11 |
| Net income from discontinued operations | — | — | 12.84 |
| Net income attributable to common stockholders | $12.02 | $5.09 | $22.95 |
| Earnings per common share – Diluted | |||
| Distributed earnings | $2.83 | $2.74 | $2.62 |
| Undistributed earnings | 9.12 | 2.31 | 7.41 |
| Net income from continuing operations | 11.95 | 5.05 | 10.03 |
| Net income from discontinued operations | — | — | 12.63 |
| Net income attributable to common stockholders | $11.95 | $5.05 | $22.66 |
Average PSUs totaling 56,456,52,982 and 2,063 for the years ended December 31, 2023, 2022 and 2021, respectively, were outstanding but were anti-dilutive and thus not included in the computation of diluted EPS under the treasury stock method. There wereno anti-dilutive MCPS for all three years presented.
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