Earnings Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

The calculation of Earnings per share (basic) is based on the weighted average number of shares of the Company’s

common stock outstanding during the period.  Earnings per share (diluted) is similar to Earnings per share (basic), but adjusts

for the dilutive effect of the potential issuance of incremental shares of the Company’s common stock.

The following table presents a reconciliation of the numerator and denominator used in the calculation of basic and diluted

earnings per share available to common stockholders:

	For the Years Ended December 31,
	2023	2024	2025
Numerator
Net income (controlling interest) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$672.9	$511.6	$716.6
Income from hypothetical settlement of Redeemable non-controlling interests, net of tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	49.0	20.5	20.5
Interest expense on junior convertible securities, net of taxes . . . . . . . . . . . . .	13.4	13.4	12.9
Net income (controlling interest), as adjusted . . . . . . . . . . . . . . . . . . . . . . . . .	$735.3	$545.5	$750.0
Denominator
Average shares outstanding (basic) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	35.1	31.1	28.5
Effect of dilutive instruments:
Stock options and restricted stock units . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	1.7	1.7	0.9
Hypothetical issuance of shares to settle Redeemable non-controlling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	3.7	1.6	1.9
Assumed issuance of junior convertible securities shares . . . . . . . . . . . . . . .	1.7	1.7	1.7
Average shares outstanding (diluted) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	42.2	36.1	33.0

Average shares outstanding (diluted) in the table above excludes stock options and restricted stock units that have not met

certain performance conditions and instruments that have an anti-dilutive effect on Earnings per share (diluted).  The following

table presents a summary of items excluded from the denominator in the table above:

	For the Years Ended December 31,
	2023	2024	2025
Stock options and restricted stock units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.2	0.2	0.1
Shares issuable to settle Redeemable non-controlling interests . . . . . . . . . . . .	0.7	2.0	0.3