Net Income Per Common Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Net Income Per Common Share

Net Income Per Common Share

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

TABLE 66: NET INCOME PER COMMON SHARE

	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
($ In Millions Except Per Common Share Information)	2024		2023		2024		2023
Basic Net Income Per Common Share
Average Number of Common Shares Outstanding	203,306,236		207,638,671		203,967,516		207,911,242
Net Income	$	896.1	$	331.8	$	1,110.8	$	666.4
Less: Dividends on Preferred Stock	4.7		4.7		20.9		20.9
Net Income Applicable to Common Stock	891.4		327.1		1,089.9		645.5
Less: Earnings Allocated to Participating Securities	7.1		3.4		9.5		6.6
Earnings Allocated to Common Shares Outstanding	884.3		323.7		1,080.4		638.9
Basic Net Income Per Common Share	$	4.35	$	1.56	$	5.30	$	3.07
Diluted Net Income Per Common Share
Average Number of Common Shares Outstanding	203,306,236		207,638,671		203,967,516		207,911,242
Plus: Dilutive Effect of Share-based Compensation	432,434		177,344		469,241		359,435
Average Common and Potential Common Shares	203,738,670		207,816,015		204,436,757		208,270,677
Earnings Allocated to Common and Potential Common Shares	$	884.3	$	323.6	$	1,080.4	$	638.8
Diluted Net Income Per Common Share	4.34		1.56		5.28		3.07

Note:    For the three and six months ended June 30, 2024, there were de minimis and 0.1 million common stock equivalents, respectively, excluded from the computation of diluted net income per common share because their inclusion would have been antidilutive. For the three and six months ended June 30, 2023, there were de minimis and 0.1 million common stock equivalents, respectively, excluded in the computation of diluted net income per share.