ASSURANT INC
For the period ended Jun 30, 2024. Filed Aug 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 8, 2024
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11. 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 common shares issuable upon vesting of performance share units (“PSUs”) and the purchase of shares under the Employee Stock Purchase Plan (the “ESPP”) using the treasury stock method. The outstanding restricted stock units (“RSUs”) have non-forfeitable rights to dividend equivalents and are therefore included in calculating basic and diluted EPS under the two-class method.
| Three Months Ended June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Numerator | ||||
| Net income | $188.7 | $156.3 | $425.1 | $269.9 |
| Less: Common stock dividends paid | (39.9) | (39.7) | (77.3) | (76.7) |
| Undistributed earnings | $148.8 | $116.6 | $347.8 | $193.2 |
| Denominator | ||||
| Weighted average common shares outstanding used in basic per common share calculations | 52,500,727 | 53,745,611 | 52,516,296 | 53,619,711 |
| Incremental common shares from: | ||||
| PSUs | 167,770 | 78,906 | 249,421 | 158,159 |
| ESPP | 49,239 | 65,165 | 49,239 | 65,165 |
| Weighted average common shares outstanding used in diluted per common share calculations | 52,717,736 | 53,889,682 | 52,814,956 | 53,843,035 |
| Earnings per common share – Basic | ||||
| Distributed earnings | $0.76 | $0.74 | $1.47 | $1.43 |
| Undistributed earnings | 2.83 | 2.17 | 6.62 | 3.60 |
| Net income | $3.59 | $2.91 | $8.09 | $5.03 |
| Earnings per common share – Diluted | ||||
| Distributed earnings | $0.76 | $0.74 | $1.46 | $1.42 |
| Undistributed earnings | 2.82 | 2.16 | 6.59 | 3.59 |
| Net income | $3.58 | $2.90 | $8.05 | $5.01 |
Average PSUs totaling 93,963 and 58,380 for the three months ended June 30, 2024 and 2023, respectively, were anti-dilutive and thus not included in the computation of diluted EPS under the treasury stock method. Average PSUs totaling 55,263 and 60,766 for the six months ended June 30, 2024 and 2023, respectively, were anti-dilutive and thus not included in the computation of diluted EPS under the treasury stock method.
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