EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2024

The computation of basic net income per common share is calculated by reducing net income for the period by dividends paid or declared and undistributed net income for the period that are allocated to participating securities to arrive at net income allocated to common stockholders. Net income allocated to common stockholders is divided by the weighted average number of common shares outstanding during the period to determine net income per share allocated to common stockholders.

The computation of diluted net income per share is calculated by dividing net income allocated to common stockholders by the sum of the weighted average number of common shares outstanding plus all additional common shares that would have been outstanding if the potentially dilutive common shares had been issued. The dilutive effect is calculated using the more dilutive of the two-class or treasury stock method.

The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2024 and 2023 (in millions, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Basic earnings per share numerator:
Net income	$	218.5	$	208.2	$	568.4	$	549.4
Net income allocated to participating securities	(1.1)		(1.1)		(3.0)		(2.7)
Net income allocated to common stockholders	$	217.4	$	207.1	$	565.4	$	546.7
Basic earnings per share denominator:
Weighted average shares outstanding	104.7		105.7		105.2		105.8
Basic earnings per share	$	2.08	$	1.96	$	5.38	$	5.17

Diluted earnings per share numerator:
Net income	$	218.5	$	208.2	$	568.4	$	549.4
Net income allocated to participating securities	(1.1)		(1.1)		(3.0)		(2.7)
Net income allocated to common stockholders	$	217.4	$	207.1	$	565.4	$	546.7
Diluted earnings per share denominator:
Weighted average shares outstanding	104.7		105.7		105.2		105.8
Dilutive common shares issued under stock program	0.4		0.4		0.4		0.4
Total dilutive weighted average shares	105.1		106.1		105.6		106.2
Diluted earnings per share	$	2.07	$	1.95	$	5.36	$	5.15

For the periods presented, the Company did not have shares of stock-based compensation that would have an anti-dilutive effect on the computation of diluted earnings per share.