Net Income (Loss) Per Common Share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Components and Calculation of Basic and Diluted Net Income (Loss) Per Share

The following table presents the components and calculations of basic and diluted net income (loss) per common share (in millions, except per share amounts; certain amounts may not recalculate due to rounding):

	Year Ended December 31,
	2024		2023		2022
Numerator:
Net income (loss)	$	361.7	$	435.0	$	458.4
Dividends on Preferred Stock	—		(13.9)		(24.0)
Undistributed income allocated to participating securities	—		(34.1)		(54.8)
Repurchase Premium	—		(414.6)		—
Net income (loss) attributable to common stockholders – Basic and Diluted	$	361.7	$	(27.6)	$	379.6
Denominator:
Weighted-average common shares outstanding – Basic	62.5		63.7		67.1
Effect of common share equivalents	1.2		—		1.3
Weighted-average common shares outstanding – Diluted	63.7		63.7		68.4
Net income (loss) per common share:
Basic	$	5.78	$	(0.43)	$	5.66
Diluted	$	5.68	$	(0.43)	$	5.55

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table includes the number of shares that may be dilutive common shares in the future (except for the Preferred Stock, which was redeemed in July 2023 and therefore has no dilutive impact in the future at the time of their redemption). These shares were not included in the computation of diluted net income (loss) per common share because the effect was either anti-dilutive or the requisite performance conditions were not met (in millions):

	Year Ended December 31,
	2024	2023	2022
Stock options	0.1	0.7	0.2
Restricted stock units	0.0	1.0	0.0
Preferred Stock	—	5.6	9.7
Employee Stock Purchase Plan	0.0	0.0	—