Earnings Per Share

12 Months Ended

Dec. 31, 2025

Restricted stock awards granted as part of the Company's Incentive Compensation Program participate in nonforfeitable dividends on a one-to-one per-share ratio with common stock. As such, unvested restricted stock awards are considered participating securities in the computation of earnings per share under the two-class method, and undistributed earnings are allocated between common stock and participating securities on a one-to-one per-share basis. The numerator in the computation of basic and diluted earnings per share excludes income allocated to these participating securities.

The denominator in the computation of diluted earnings per share includes the dilutive effect of stock options and performance share awards granted as part of the Company's Incentive Compensation Program. The dilutive effect of stock options is calculated using the treasury stock method when the average market price of the Company's common shares during the reporting period exceeds the exercise price of the options. Performance shares are contingently issuable, and the dilutive effect is based on the number of shares that would have been awarded had the conditions at the end of the reporting period continued until the end of the performance period.

A reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for income from continuing operations follows:


(in millions, except per share amounts)	2025		2024		2023
Income from continuing operations	$	742.5	$	865.1	$	718.9
Less: Income allocated to participating securities	1.5		1.7		1.6
Income available to common stockholders	$	741.0	$	863.4	$	717.3

Shares:
Basic weighted-average shares outstanding	42.8		46.5		49.9
Effect of dilutive securities(1)	0.4		0.6		0.5
Diluted weighted-average shares outstanding	43.2		47.1		50.4

Earnings per share from continuing operations attributable to common shares:
Basic	$	17.31	$	18.58	$	14.38
Diluted	$	17.16	$	18.34	$	14.22

(1)The computation of diluted earnings per share excludes 0.1 and 0.6 shares of antidilutive stock options for the years ended December 2025 and 2023, respectively. There were no antidilutive stock options for the year ended December 2024.