EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2024

The computation of basic net income per common share is calculated by reducing net income for the period by dividends paid or declared and undistributed net income for the period that are allocated to participating securities to arrive at net income allocated to common stockholders. Net income allocated to common stockholders is divided by the weighted average number of common shares outstanding during the period to determine net income per share allocated to common stockholders.

The computation of diluted net income per share is calculated by dividing net income allocated to common stockholders by the sum of the weighted average number of common shares outstanding plus all additional common shares that would have been outstanding if the potentially dilutive common shares had been issued. The dilutive effect is calculated using the more dilutive of the two-class or treasury stock method.

The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31, 2024, 2023, and 2022 (in millions, except per share data):


	Year Ended December 31,
	2024		2023		2022
Basic earnings per share numerator:
Net income	$	764.9	$	761.4	$	235.0
Net income allocated to participating securities	(3.9)		(3.9)		(0.9)
Net income allocated to common stockholders	$	761.0	$	757.5	$	234.1
Basic earnings per share denominator:
Weighted average shares outstanding	105.1		105.8		106.3
Basic earnings per share	$	7.24	$	7.16	$	2.20

Diluted earnings per share numerator:
Net income	$	764.9	$	761.4	$	235.0
Net income allocated to participating securities	(3.9)		(3.9)		(0.9)
Net income allocated to common stockholders	$	761.0	$	757.5	$	234.1
Diluted earnings per share denominator:
Weighted average shares outstanding	105.1		105.8		106.3
Dilutive common shares issued under stock program	0.4		0.4		0.4
Total dilutive weighted average shares	105.5		106.2		106.7
Diluted earnings per share	$	7.21	$	7.13	$	2.19

For the periods presented, the Company did not have shares of stock-based compensation that would have an anti-dilutive effect on the computation of diluted earnings per share.