Earnings Per Share

9 Months Ended

Sep. 30, 2024

The Company’s restricted shares contain non-forfeitable rights to dividends and are considered participating securities for purposes of computing earnings per share pursuant to the two-class method. The computation below of earnings per share excludes income attributable to the unvested restricted shares from the numerator and excludes the dilutive impact of those underlying shares from the denominator.

The computation below of earnings per share includes the income attributable to the vested and deferred restricted shares and restricted stock units in the numerator and includes the dilutive impact of those underlying shares in the denominator.

Stock options are included in the calculation of diluted earnings per share utilizing the treasury stock method and performance share awards are included in the calculation of diluted earnings per share considering those are contingently issuable. Neither is considered to be a participating security as they do not contain non-forfeitable dividend rights.

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


		Three Months Ended September 30,						Nine Months Ended September 30,
(in millions, except per share amounts and percentages)		2024			2023			2024			2023
Income from continuing operations		$	246.6		$	216.9		$	702.7		$	527.2
Less: dividends declared		45.9			42.2			127.7			119.5
Undistributed earnings		200.7			174.7			575.0			407.7
Percent allocated to common stockholders(1)		99.8		%	99.8		%	99.8		%	99.8		%
Undistributed earnings allocated to common stockholders		200.3			174.3			573.9			406.7
Add: dividends declared to common shares, restricted share units and vested and deferred restricted and performance shares		45.8			42.1			127.4			119.3
Income from continuing operations attributable to common stockholders		$	246.1		$	216.4		$	701.3		$	526.0

Shares:
Basic weighted-average shares outstanding		45.9			49.5			47.0			50.4
Effect of dilutive securities:
Performance awards		0.2			0.2			0.2			0.2
Stock options		0.4			0.4			0.4			0.4
Diluted weighted-average shares outstanding		46.5			50.1			47.6			51.0

Per share income from continuing operations attributable to common shares:
Basic		$	5.36		$	4.37		$	14.93		$	10.43
Diluted		$	5.30		$	4.32		$	14.74		$	10.32

(1)	Basic weighted-average shares outstanding	45.9			49.5			47.0			50.4
	Basic weighted-average shares outstanding and unvested restricted shares expected to vest	46.0			49.6			47.1			50.6
	Percent allocated to common stockholders	99.8		%	99.8		%	99.8		%	99.8		%

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.


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2024		2023		2024		2023
(Loss) income from discontinued operations attributable to common stockholders for basic and diluted earnings per share	$	(2.3)	$	48.6	$	445.4	$	34.7
Net income attributable to common stockholders for basic and diluted earnings per share	243.8		264.9		1,146.8		560.5
Anti-dilutive stock options excluded from earnings per share calculation(1)	—		0.6		0.1		0.7

(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.