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Net Income Per Share | 12 Months Ended
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Dec. 31, 2025
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:
(in millions) | 2025 |  | 2024 |  | 2023
Net income | $ | 493.7 |  |  | $ | 492.7 |  |  | $ | 593.4 |
Weighted average common shares outstanding | 72.3 |  |  | 73.0 |  |  | 74.3 |
Dilutive effect of equity awards, based on the treasury stock method | 0.4 |  |  | 0.7 |  |  | 1.0 |
Weighted average shares assuming dilution | 72.7 |  |  | 73.7 |  |  | 75.3 |
During 2025, 2024 and 2023, there were 0.4 million, 0.3 million and 0.2 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 Company's Board of Directors approved a share repurchase program under which we may repurchase up to $1.0 billion in shares of common stock. This program was completed during January 2025. In December 2024, the Company's Board of Directors approved a share repurchase program authorizing the repurchase of up to 550,000 shares of our common stock on the open market or in privately-negotiated transactions. This program was completed during April 2025. The below table summarizes share repurchases under this program during the years ended December 31:
| 2025 |  | 2024
Shares repurchased | 552,593 |  |  | 1,583,032 |
Total cost of repurchases ($ in millions) | $ | 134.0 |  |  | $ | 560.9 |
Average price per repurchased share | $ | 242.55 |  |  | $ | 354.30 |
On February 17, 2026, the Company’s Board of Directors authorized a new share repurchase program for the purchase of up to $1.0 billion of the Company’s common stock in open-market transactions, block transactions, through derivative transactions, privately negotiated transactions, or otherwise, including pursuant to any trading plan entered into by the Company under Rule 10b5-1 of the Exchange Act. The number of shares to be repurchased and the timing of any repurchases will depend on factors such as the stock price, economic and market conditions, and corporate and regulatory requirements. The share repurchase program will commence as soon as reasonably practical but does not obligate the Company to acquire any particular amount of common stock, has no expiration date and it may be suspended or terminated at any time.

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