Net Income Per Common Share

9 Months Ended

Sep. 30, 2025

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

TABLE 60: NET INCOME PER COMMON SHARE


	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
($ In Millions Except Per Common Share Information)	2025		2024		2025		2024
Basic Net Income Per Common Share
Average Number of Common Shares Outstanding	190,053,947		199,937,543		192,647,391		202,614,386
Net Income	$	457.6	$	464.9	$	1,270.9	$	1,575.7
Less: Dividends on Preferred Stock	16.2		16.2		37.1		37.1
Net Income Applicable to Common Stock	441.4		448.7		1,233.8		1,538.6
Less: Earnings Allocated to Participating Securities	4.2		3.6		11.6		13.2
Earnings Allocated to Common Shares Outstanding	437.2		445.1		1,222.2		1,525.4
Basic Net Income Per Common Share	$	2.30	$	2.23	$	6.34	$	7.53
Diluted Net Income Per Common Share
Average Number of Common Shares Outstanding	190,053,947		199,937,543		192,647,391		202,614,386
Plus: Dilutive Effect of Share-based Compensation	946,615		611,520		833,978		517,014
Average Common and Potential Common Shares	191,000,562		200,549,063		193,481,369		203,131,400
Earnings Allocated to Common and Potential Common Shares	$	437.2	$	445.1	$	1,222.2	$	1,525.4
Diluted Net Income Per Common Share	2.29		2.22		6.32		7.51

Note: For the three and nine months ended September 30, 2025, there were no common stock equivalents 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, 2024, there were de minimis and 0.2 million common stock equivalents excluded in the computation of diluted net income per share.