Net Income Per Share

12 Months Ended

Dec. 31, 2023

Consolidated basic earnings per share excludes the dilutive effect of common stock equivalents and is computed by dividing net income available to common stockholders by the weighted-average number of common shares actually outstanding for the year. Diluted earnings per share are similarly calculated with the inclusion of dilutive common stock equivalents. The following table provides a reconciliation of net income and the number of shares used in basic and diluted earnings per share calculations.


Years Ended December 31:		2023		2022		2021
Numerator:
Net Income		$	598.6	$	686.4	$	1,534.3
Denominator:
Basic weighted-average shares (a)		282,732,526		301,676,941		301,945,319
Effect of dilutive securities - stock-based compensation awards		2,738,538		1,619,671		1,722,350
Diluted adjusted weighted-average shares (a)		285,471,064		303,296,612		303,667,669
Earnings per share:	Basic	$	2.12	$	2.28	$	5.08
	Diluted	$	2.10	$	2.26	$	5.05

Anti-dilutive common stock equivalents excluded from
earnings per share computations:
Stock-based compensation awards		2,234,500		2,645,750		—

__________

(a) In calculating earnings per share, accounting standards require that common shares owned by the ORI 401(k) Savings and Profit Sharing Plan that are unallocated to participants in the plan be excluded from the calculation. Such shares are issued and outstanding and have the same voting and other rights applicable to all other common shares.