Earnings Per Share

6 Months Ended

Jun. 30, 2025

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

Diluted earnings per share is calculated using the treasury stock method and includes stock options and performance share awards as they are contingently issuable. However, neither qualifies as a participating security as they lack 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 June 30,						Six Months Ended June 30,
(in millions, except per share amounts and percentages)		2025			2024			2025			2024
Income from continuing operations		$	255.5		$	285.2		$	395.6		$	456.1
Less: dividends declared		43.1			40.3			88.4			81.8
Undistributed earnings		212.4			244.9			307.2			374.3
Percent allocated to common stockholders(1)		99.8		%	99.8		%	99.8		%	99.8		%
Undistributed earnings allocated to common stockholders		212.0			244.4			306.6			373.6
Add: dividends declared to common shares, restricted stock units and vested and deferred restricted and performance shares		43.1			40.2			88.3			81.6
Income from continuing operations attributable to common stockholders		$	255.1		$	284.6		$	394.9		$	455.2

Shares:
Basic weighted-average shares outstanding		43.0			47.3			43.6			47.5
Effect of dilutive securities:
Performance awards		0.1			0.2			0.1			0.2
Stock options		0.3			0.4			0.3			0.5
Diluted weighted-average shares outstanding		43.4			47.9			44.0			48.2

Per share income from continuing operations attributable to common shares:
Basic		$	5.92		$	6.02		$	9.05		$	9.58
Diluted		$	5.87		$	5.94		$	8.97		$	9.45

(1)	Basic weighted-average shares outstanding	43.0			47.3			43.6			47.5
	Basic weighted-average shares outstanding and unvested restricted shares expected to vest	43.1			47.4			43.7			47.6
	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 June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
Income from discontinued operations attributable to common stockholders for basic and diluted earnings per share	$	0.3	$	426.3	$	3.5	$	447.7
Net income attributable to common stockholders for basic and diluted earnings per share	255.4		711.1		398.4		903.0
Anti-dilutive stock options excluded from earnings per share calculation(1)	0.2		0.1		0.2		0.1

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