Shareholders’ Earnings per Share

12 Months Ended

Dec. 31, 2025

The denominator for basic and diluted shareholders’ earnings per share at December 31, 2025, 2024 and 2023 is as follows:


	2025	2024	2023
Denominator for basic shareholders’ earnings per share—weighted-average shares	224.0	231.7	235.9
Effect of dilutive securities—employee stock options, non-vested restricted stock awards and convertible debentures	0.6	1.2	1.5
Denominator for diluted shareholders’ earnings per share	224.6	232.9	237.4

During the years ended December 31, 2025, 2024 and 2023, weighted-average shares related to certain stock options of 1.9, 0.7 and 0.8, respectively, were excluded from the denominator for diluted shareholders’ earnings per share because the stock options were anti-dilutive.

We have issued approximately 0.7 cumulative restricted stock units under our stock incentive plans, of which vesting is contingent upon us meeting specified annual earnings targets. Contingent restricted stock units are excluded from the denominator for diluted shareholders’ earnings per share and are included only if and when the contingency is met. These contingent restricted stock units are being measured over a three-year period and generally vest in March of the year following each measurement period.