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Net Income Per Share | 3 Months Ended
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Mar. 31, 2023
Earnings Per Share [Abstract] |
Net Income Per Share | Net Income Per Share The following table reconciles the shares used in the calculation of basic net income per share to those used for diluted net income per share:
| Three Months Ended March 31, |  |
(in millions) | 2023 |  | 2022 |  |  |  |
Net income | $ | 140.0 |  |  | $ | 173.8 |  |  |  |  |
Weighted average common shares outstanding | 74.5 |  |  | 74.4 |  |  |  |  |
Dilutive effect of equity awards, based on the treasury stock method | 1.2 |  |  | 1.6 |  |  |  |  |
Weighted average shares assuming dilution | 75.7 |  |  | 76.0 |  |  |  |  |
During the three months ended March 31, 2023 and 2022, there were 0.3 million and 0.0 million shares, respectively, from stock-based compensation plans not included in the computation of diluted net income per share because their impact was antidilutive. In February 2023, the Board of Directors approved a share repurchase program under which we may repurchase up to $1.0 billion in shares of common stock. The share repurchase program does not have an expiration date under which we may repurchase common stock on the open market or in privately-negotiated transactions. The number of shares to be repurchased and the timing of such transactions will depend on a variety of factors, including market conditions. During the three months ended March 31, 2023, we purchased 183,360 shares of our common stock under the program at a cost of $60.1 million, or an average price of $327.90 per share. During the three months ended March 31, 2022, we purchased 390,000 shares of our common stock under the program at a cost of $147.1 million, or an average price of $377.23 per share.

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