Earnings Per Share

3 Months Ended

Mar. 31, 2026

3. Earnings Per Share:

Basic earnings per share are computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted earnings per share are computed by dividing net income by the sum of the weighted-average number of shares and the number of equivalent shares assumed outstanding, if dilutive, under our stock-based compensation plans.

The computations of basic and diluted earnings per share were as follows (in millions, except per share data):


	For the Three Months Ended March 31,
	2026		2025
Net income	$	117.2	$	129.6



Weighted-average shares outstanding – basic	34.8		35.5
Add: Potential effect of dilutive securities attributable to stock-based payments	0.2		0.2
Weighted-average shares outstanding – diluted	35.0		35.7




Earnings per share – Basic(1):	$	3.37	$	3.65




Earnings per share – Diluted(1):	$	3.35	$	3.63

(1) Amounts may not recalculate due to rounding.

For the three months ended March 31, 2026 and 2025, there were no material stock appreciation rights or restricted stock units outstanding that were not included in the diluted earnings per share calculation as the assumed exercise of such rights would have been anti-dilutive.