Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

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:

		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		%

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.

	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.