Net Income Per Share

6 Months Ended

Jun. 30, 2024

The following table reconciles the shares used in the calculation of basic net income per share to those used for diluted net income per share:


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Net income	$	111.3	$	155.1	$	226.6	$	295.1
Weighted average common shares outstanding	73.0		74.3		73.3		74.4
Dilutive effect of equity awards, based on the treasury stock method	0.7		1.1		0.7		1.1
Weighted average shares assuming dilution	73.7		75.4		74.0		75.5

During the three months ended June 30, 2024 and 2023, there were 0.3 million and 0.1 million shares, respectively, from stock-based compensation plans not included in the computation of diluted net income per share because their impact was antidilutive. There were 0.3 million and 0.1 million antidilutive shares outstanding during the six months ended June 30, 2024 and 2023, respectively.

In February 2023, the Board of Directors approved a share repurchase program under which we may repurchase up to $1.0 billion in shares of common stock. The share repurchase program does not have an expiration date under which we may repurchase common stock on the open market or in privately-negotiated transactions. The number of shares to be repurchased and the timing of such transactions will depend on a variety of factors, including market conditions.

During the three months ended June 30, 2024, we purchased 509,336 shares of our common stock under the program at a cost of $187.1 million, or an average price of $367.48 per share. During the six months ended June 30, 2024, we purchased 1,239,015 shares of our common stock under the program at a cost of $454.1 million, or an average price of $366.53 per share.

During the three months ended June 30, 2023, we purchased 492,710 shares of our common stock under the program at a cost of $173.4 million, or an average price of $351.82 per share. During the six months ended June 30, 2023, we purchased 676,070 shares of our common stock under the program at a cost of $233.5 million, or an average price of $345.33 per share.