Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Basic and Diluted Earnings Per Share

Income from continuing operations and share data used in the basic and diluted earnings per share computations using the two-class method follows:


(in millions, except per share amounts and percentages)		2023			2022			2021
Income from continuing operations		$	718.9		$	858.0		$	385.6
Less: dividends declared		160.5			134.6			112.7
Undistributed earnings		558.4			723.4			272.9
Percent allocated to common stockholders(1)		99.8		%	99.8		%	99.7		%
Undistributed earnings allocated to common stockholders		557.1			721.8			272.1
Add: dividends declared to common shares, restricted share units and vested and deferred restricted and performance shares		160.2			134.3			112.4
Income from continuing operations attributable to common stockholders		$	717.3		$	856.1		$	384.5

Shares:
Basic weighted-average shares outstanding		49.9			51.8			52.5
Effect of dilutive securities:
Performance awards		0.1			0.2			0.2
Stock options		0.4			0.5			0.5
Diluted weighted-average shares outstanding		50.4			52.5			53.2

Per share income from continuing operations attributable to common shares:
Basic		$	14.38		$	16.53		$	7.33
Diluted		$	14.22		$	16.30		$	7.23

(1)	Basic weighted-average shares outstanding	49.9			51.8			52.5
	Basic weighted-average shares outstanding and unvested restricted shares expected to vest	50.0			51.9			52.6
	Percent allocated to common stockholders	99.8		%	99.8		%	99.7		%

Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share

To calculate earnings per share for income from discontinued operations and for net income, the denominator for both basic and diluted earnings per share is the same as used in the above table.


(in millions)	2023		2022		2021
Income from discontinued operations attributable to common stockholders for basic and dilutive earnings per share	$	48.5	$	65.8	$	36.0
Net income attributable to common stockholders for basic and diluted earnings per share	$	765.6	$	921.8	$	420.5
Anti-dilutive stock options excluded from earnings per share calculation (1)	0.6		0.2		0.1

(1)Represents stock options excluded from the calculation of diluted earnings per share as such options’ assumed proceeds upon exercise would result in the repurchase of more shares than the underlying award.