Net Income Per Share

12 Months Ended

Dec. 31, 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:


(in millions)	2024		2023		2022
Net income	$	492.7	$	593.4	$	585.9
Weighted average common shares outstanding	73.0		74.3		74.4
Dilutive effect of equity awards, based on the treasury stock method	0.7		1.0		1.4

Weighted average shares assuming dilution	73.7		75.3		75.8

During 2024, 2023 and 2022, there were 0.3 million, 0.2 million and 0.2 million shares, respectively, from stock-based compensation plans not included in the computation of diluted net income per share because their impact was antidilutive.

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 did 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 depended on a variety of factors, including market conditions. The below table summarizes share repurchases under this program during the years ended December 31:


	2024		2023
Shares repurchased	1,583,032		1,265,661
Total cost of repurchases ($ in millions)	$	560.9	$	438.3
Average price per repurchased share	$	354.30	$	346.34

In December 2024, the Board of Directors approved a share repurchase program authorizing the repurchase of up to 550,000 shares of our 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. This share repurchase program is expected to be completed by December 31, 2025.