Net Income Per Common Share

9 Months Ended

Sep. 30, 2023

The computations of net income per common share are presented in the following table.

TABLE 66: NET INCOME PER COMMON SHARE


	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
($ In Millions Except Per Common Share Information)	2023		2022		2023		2022
Basic Net Income Per Common Share
Average Number of Common Shares Outstanding	207,021,554		208,400,135		207,611,420		208,271,070
Net Income	$	327.8	$	394.8	$	994.2	$	1,180.3
Less: Dividends on Preferred Stock	16.2		16.2		37.1		37.1
Net Income Applicable to Common Stock	311.6		378.6		957.1		1,143.2
Less: Earnings Allocated to Participating Securities	3.1		3.2		9.7		9.5
Earnings Allocated to Common Shares Outstanding	308.5		375.4		947.4		1,133.7
Basic Net Income Per Common Share	$	1.49	$	1.80	$	4.56	$	5.44
Diluted Net Income Per Common Share
Average Number of Common Shares Outstanding	207,021,554		208,400,135		207,611,420		208,271,070
Plus: Dilutive Effect of Share-based Compensation	231,438		488,437		316,300		587,906
Average Common and Potential Common Shares	207,252,992		208,888,572		207,927,720		208,858,976
Earnings Allocated to Common and Potential Common Shares	$	308.5	$	375.4	$	947.3	$	1,133.7
Diluted Net Income Per Common Share	1.49		1.80		4.56		5.43

Note: Common stock equivalents of 48,596 and 129,239 for the three and nine months ended September 30, 2023, respectively, were not included in the computation of diluted net income per common share because their inclusion would have been antidilutive. For the three and nine months ended September 30, 2022, there were no common stock equivalents excluded in the computation of diluted net income per share.