Earnings Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

Basic earnings per common share is computed by dividing net income available to common stockholders by the weighted-average of common shares outstanding during the period.  Diluted earnings per common share adjusts basic earnings per common share for the effects of stock options and restricted stock in the periods where such items are dilutive.

On December 1, 2021, the Board of Directors approved a share repurchase authorization of up to $1 billion to begin upon completion of the $500 million authorization made in October 2020. The 2021 authorization was completed in October 2023. On May 2, 2023, the Board of Directors approved another share repurchase authorization of up to $1.5 billion, excluding excise taxes, to be executed by December 31, 2028. On October 29, 2025, the Company announced that the Board of Directors approved a new share repurchase authorization

of up to $2.0 billion, excluding excise taxes, to be executed by December 31, 2030. This authorization will commence at the conclusion of the existing 2023 authorization.

During the year 2025, the total number of share repurchases were 1,536,701 common shares for approximately $652.0 million, at an average price of $424.28 per share, including brokerage fees and accrued excise taxes, under the 2023 $1.5 billion authorization, leaving approximately $291.9 million remaining available, as of December 31, 2025.

During the years 2024 and 2023, the total number of share repurchases were 938,528 common shares for $446.6 million, at an average price of $475.86 per share and 1,026,300 common shares for $336.2 million, at an average price of $327.55 per share, respectively.

The following table provides a reconciliation of basic and diluted earnings per share computations for the years ended December 31, 2025, 2024 and 2023.

	Years ended December 31,
(Millions of dollars, except share and per share amounts)	2025		2024		2023
Earnings per common share:
Net income per share - basic
Net income attributable to common stockholders	$	470.6	$	502.5	$	556.8
Weighted-average common shares outstanding (in thousands)	19,303		20,533		21,493
Earnings per common share	$	24.38	$	24.47	$	25.91
Earnings per common share - assuming dilution:
Net income per share - diluted
Net income attributable to common stockholders	$	470.6	$	502.5	$	556.8
Weighted-average common shares outstanding (in thousands)	19,303		20,533		21,493
Common equivalent shares:
Share-based awards	223		309		350
Weighted-average common shares outstanding - assuming dilution (in thousands)	19,526		20,842		21,843
Earnings per common share assuming dilution	$	24.10	$	24.11	$	25.49

We have excluded from the earnings-per-share calculation certain stock options and shares that are considered to be anti-dilutive under the treasury stock method and are reported in the table below.

	Years ended December 31,
Potentially dilutive shares excluded from the calculation as their inclusion would be anti-dilutive	2025	2024	2023
Stock Options	56,391	28,929	34,133
RSUs	7,429	13	44
PSUs	—	452	—
Total anti-dilutive shares	63,820	29,394	34,177