Net Income Per Common Share (Tables)

9 Months Ended

Sep. 30, 2024

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

TABLE 64: NET INCOME PER COMMON SHARE


	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
($ In Millions Except Per Common Share Information)	2024		2023		2024		2023
Basic Net Income Per Common Share
Average Number of Common Shares Outstanding	199,937,543		207,021,554		202,614,386		207,611,420
Net Income	$	464.9	$	327.8	$	1,575.7	$	994.2
Less: Dividends on Preferred Stock	16.2		16.2		37.1		37.1
Net Income Applicable to Common Stock	448.7		311.6		1,538.6		957.1
Less: Earnings Allocated to Participating Securities	3.6		3.1		13.2		9.7
Earnings Allocated to Common Shares Outstanding	445.1		308.5		1,525.4		947.4
Basic Net Income Per Common Share	$	2.23	$	1.49	$	7.53	$	4.56
Diluted Net Income Per Common Share
Average Number of Common Shares Outstanding	199,937,543		207,021,554		202,614,386		207,611,420
Plus: Dilutive Effect of Share-based Compensation	611,520		231,438		517,014		316,300
Average Common and Potential Common Shares	200,549,063		207,252,992		203,131,400		207,927,720
Earnings Allocated to Common and Potential Common Shares	$	445.1	$	308.5	$	1,525.4	$	947.3
Diluted Net Income Per Common Share	2.22		1.49		7.51		4.56

Note: For the three and nine months ended September 30, 2024, there were de minimis and 0.2 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 nine months ended September 30, 2023, there were de minimis and 0.1 million common stock equivalents, respectively, excluded in the computation of diluted net income per share.