Earnings Per Share and Shareholders' Equity Transactions

12 Months Ended

Dec. 31, 2023

Earnings Per Share and Shareholders' Equity Transactions

10. EARNINGS PER SHARE AND SHAREHOLDERS’ EQUITY TRANSACTIONS

The following table provides weighted average share information used in the calculation of the Company’s basic and diluted earnings per share:


DECEMBER 31	2023			2022			2021
(in millions, except per share data)
Basic shares used in the calculation of earnings per share		35.7			35.6			35.9
Dilutive effect of securities:
Employee stock options		0.1			0.2			0.3
Non-vested stock grants		0.3			0.3			0.2
Diluted shares used in the calculation of earnings per share		36.1			36.1			36.4
Per share effect of dilutive securities on income from continuing operations and net income	$	(0.01	)	$	(0.05	)	$	(0.18	)

Diluted earnings per share during 2023, 2022 and 2021 excludes 0.3 million, 0.1 million and 0.2 million, respectively, of common shares issuable under the Company’s stock compensation plans, because their effect would be antidilutive.

The Board of Directors authorized a stock repurchase program which provides for aggregate repurchases of the Company’s common stock of up to $1.3 billion. Under this program, the Company had approximately $330 million available at December 31, 2023. Under the repurchase authorization, the Company may repurchase, from time to time, common stock in amounts, at prices and at such times as the Company deems appropriate, subject to market conditions and other considerations. Repurchases may be executed using open market purchases, privately negotiated transactions, accelerated repurchase programs or other transactions. The Company is not required to purchase any specific number of shares or to make purchases by any certain date under this program. The Company did not repurchase any shares during 2023, and repurchased approximately 0.2 million and 1.2 million shares through open market purchases during 2022 and 2021, respectively.