NET EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

NET EARNINGS PER SHARE

NOTE 9. NET EARNINGS PER SHARE

Basic net EPS is calculated by dividing net earnings attributable to common stockholders by the weighted average number of shares of common stock outstanding for the applicable period. Diluted EPS is similarly calculated, except that the calculation includes the dilutive effect of the assumed conversion of 0.875% Convertible Notes and associated issuance of shares under the if-converted method, while outstanding in 2022, and the assumed issuance of shares under stock-based compensation plans under the treasury stock method, except where the inclusion of such shares would have an anti-dilutive impact. Anti-dilutive options excluded from the diluted EPS calculation for the three month periods ended March 31, 2023 and April 1, 2022 were 2.9 million and 3.1 million, respectively.

Information related to the calculation of net earnings per share of common stock is summarized as follows ($ and shares in millions, except per share amounts):

	Three Months Ended
	March 31, 2023		April 1, 2022
Numerator
Net earnings	$	173.6	$	165.1
Convertible note interest add-back (if converted method)	—		1.8
Diluted Net Earnings	$	173.6	$	166.9
Denominator
Weighted average common shares outstanding used in basic earnings per share	353.6		359.3
Incremental common shares from:
Assumed exercise of dilutive options and vesting of dilutive Stock Awards	2.9		2.7
Conversion of convertible notes (if converted method)	—		6.4
Weighted average common shares outstanding used in diluted earnings per share	356.5		368.4
Net earnings per common share - Basic	$	0.49	$	0.46
Net earnings per common share - Diluted	$	0.49	$	0.45

We declared and paid cash dividends per common share for the periods as presented below.

	Dividend Per Common Share		Amount ($ in millions)
2023:
First quarter	$	0.07	$	24.7
Total	$	0.07	$	24.7
2022:
First quarter	$	0.07	$	25.1
Total	$	0.07	$	25.1
* The sum of the components of total dividends paid may not equal the total amount due to rounding.

Share Repurchase Program

On February 17, 2022, the Company's Board of Directors approved a share repurchase program authorizing the Company to repurchase up to 20 million shares of the Company's outstanding common stock from time to time on the open market or in privately negotiated transactions. There is no expiration date for the repurchase program, and the timing and amount of repurchases under the program are determined by the Company's management based on market conditions and other factors. The repurchase program may be suspended or discontinued at any time by the Board of Directors. During the three month period ended March 31, 2023, the Company made no repurchases under the plan. During the three month period ended April 1, 2022, the Company purchased 1 million shares of its common stock at an average share price of $63.74. As of March 31, 2023, there were 13 million shares remaining for repurchase under the program.