Net Income per Common Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Computations of Net Income per Common Share

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

TABLE 92: NET INCOME PER COMMON SHARE

	FOR THE YEAR ENDED DECEMBER 31,
($ In Millions Except Per Common Share Information)	2023		2022		2021
BASIC NET INCOME PER COMMON SHARE
Average Number of Common Shares Outstanding	207,248,094		208,309,331		208,075,522
Net Income	$	1,107.3	$	1,336.0	$	1,545.3
Less: Dividends on Preferred Stock	41.8		41.8		41.8
Net Income Applicable to Common Stock	1,065.5		1,294.2		1,503.5
Less: Earnings Allocated to Participating Securities	11.6		11.8		12.9
Earnings Allocated to Common Shares Outstanding	$	1,053.9	$	1,282.4	$	1,490.6
Basic Net Income Per Common Share	5.09		6.16		7.16
DILUTED NET INCOME PER COMMON SHARE
Average Number of Common Shares Outstanding	207,248,094		208,309,331		208,075,522
Plus Dilutive Effect of Share-based Compensation	315,652		557,933		823,708
Average Common and Potential Common Shares	207,563,746		208,867,264		208,899,230
Earnings Allocated to Common and Potential Common Shares	$	1,053.9	$	1,282.4	$	1,490.6
Diluted Net Income Per Common Share	5.08		6.14		7.14

Note: Common stock equivalents of 0.1 million for the year ended December 31, 2023, were not included in the computation of diluted net income per common share because their inclusion would have been antidilutive. For the years ended December 31, 2022 and 2021, respectively, there were de minimis and no common stock equivalents excluded in the computation of diluted net income per share.