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Stockholders' Equity and Earnings Per Common Share | 6 Months Ended
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Jun. 30, 2024
Stockholders' Equity and Earnings Per Common Share [Abstract] |
Earnings Per Share Disclosure | Earnings Per Common Share Net income per common share is determined as follows:
| Three Months Ended June 30 |  | Six Months Ended June 30
| 2024 |  | 2023 |  | 2024 |  | 2023
| (in millions of dollars, except share data)
Numerator |  |  |  |  |  |  |
Net Income | $ | 389.5 |  |  | $ | 392.9 |  |  | $ | 784.7 |  |  | $ | 751.2 |
Denominator (000s) |  |  |  |  |  |  |
Weighted Average Common Shares - Basic | 189,894.1 |  |  | 197,180.4 |  |  | 191,302.5 |  |  | 197,641.3 |
Dilution for Assumed Exercises of Nonvested Stock Awards | 435.2 |  |  | 956.1 |  |  | 576.0 |  |  | 1,182.5 |
Weighted Average Common Shares - Assuming Dilution | 190,329.3 |  |  | 198,136.5 |  |  | 191,878.5 |  |  | 198,823.8 |
Net Income Per Common Share |  |  |  |  |  |  |
Basic | $ | 2.05 |  |  | $ | 1.99 |  |  | $ | 4.10 |  |  | $ | 3.80 |
Assuming Dilution | $ | 2.05 |  |  | $ | 1.98 |  |  | $ | 4.09 |  |  | $ | 3.78 |
We compute basic earnings per share by dividing net income by the weighted average number of common shares outstanding for the period. In computing earnings per share assuming dilution, we include potential common shares that are dilutive (those that reduce earnings per share). We use the treasury stock method to account for the effect of nonvested stock success units and nonvested restricted stock units on the computation of diluted earnings per share. Under this method, the potential common shares from nonvested stock success units and nonvested restricted stock units will each have a dilutive effect, as individually measured, when the average market price of Unum Group common stock during the period exceeds the grant price of the nonvested stock success units and nonvested restricted stock units. The outstanding nonvested stock success units and nonvested restricted stock units have grant prices ranging from $18.78 to $52.40. Potential common shares not included in the computation of diluted earnings per share because the impact would be antidilutive were de minimis and 0.3 million for the three and six months ended June 30, 2024, respectively. There were approximately 0.8 million and 0.7 million potential common shares that were antidilutive for the three and six months ended June 30, 2023, respectively.
Stockholders' Equity Disclosure | Common Stock As part of our capital deployment strategy, we may repurchase shares of Unum Group's common stock, as authorized by our board of directors. The timing and amount of repurchase activity is based on market conditions and other considerations, including the level of available cash, alternative uses for cash, and our stock price. Our board of directors has authorized the following repurchase programs:
| July 2024 Authorization |  | October 2023 Authorization 1 |  | December 2022 Authorization 2
| (in millions)
Effective Date | August 1, 2024 |  | January 1, 2024 |  | January 1, 2023
Expiration Date | None |  | July 31, 2024 |  | December 31, 2023
Authorized Repurchase Amount | $ | 1,000.0 |  |  | $ | 500.0 |  |  | $ | 250.0 |
Cost of Shares Repurchased Under Repurchase Program | — |  |  | 300.0 |  |  | 250.0 |
Remaining Repurchase Amount at June 30, 2024 | Not yet effective |  | $ | 200.0 |  |  | $ | — |
1 Concurrent with the announcement of the July 2024 repurchase program, we also announced the termination of the October 2023 program as of July 31, 2024, and all unused amounts under that program expired as of that date. 2 In February 2023, the December 2022 program was modified to increase the authorized repurchase amount from $200.0 million to $250.0 million. In August 2022, the Inflation Reduction Act was signed into law in the U.S. and imposes a one percent excise tax on corporate stock repurchases effective January 1, 2023. This excise tax is recorded as part of the cost basis of treasury stock and is assessed on the fair market value of stock repurchases reduced by the fair market value of any shares issued during the period. Common stock repurchases, which are accounted for using the cost method and classified as treasury stock until otherwise retired, were as follows:
| Three Months Ended June 30 |  | Six Months Ended June 30 |
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
| (in millions)
Shares Repurchased | 3.5 |  |  | 1.1 |  |  | 6.0 |  |  | 2.4 |  |  |
Cost of Shares Repurchased 1 | $ | 179.8 |  |  | $ | 47.0 |  |  | $ | 302.8 |  |  | $ | 100.6 |  |  |
1 Includes a de minimis amount of commissions for the three and six months ended June 30, 2024 and $0.1 million of commissions for the three and six months ended June 30, 2023. Also includes $1.7 million and $2.8 million of excise tax for the three and six months ended June 30, 2024, respectively, and $0.4 million and $0.5 million of excise tax for the three and six months ended June 30, 2023, respectively. As a part of our share repurchase program, we periodically enter into accelerated share repurchase agreements (ASR). Under the terms of these agreements, we make a prepayment to a financial counterparty for which we receive an initial delivery of approximately 75 percent of the total Unum Group common stock to be delivered under the agreement. We simultaneously enter into a forward contract indexed to the price of Unum Group common stock, which subjects the transactions to a future price adjustment. Under the terms of the agreements, we are to receive, or be required to pay, a price adjustment based on the volume weighted average price of Unum Group common stock during the term of the agreement, less a discount. Any price adjustment payable to us is settled in shares of Unum Group common stock. Any price adjustment we would be required to pay may be settled in either cash or common stock at our option. Details of our ASRs are as follows:
Prepayment Date |  | Prepayment Amount |  | Initial Share Delivery |  | Forward Contract Settlement Date |  | Shares Delivered to Settle Forward Contract
(in millions)
July 2024 |  | $150.0 |  | 2.2 |  | September 2024 |  | Not yet settled
April 2024 |  | $125.0 |  | 1.7 |  | June 2024 |  | 0.7
January 2024 |  | $100.0 |  | 1.6 |  | March 2024 |  | 0.5
July 2023 |  | $50.0 |  | 0.8 |  | September 2023 |  | 0.2
Preferred Stock Unum Group has 25.0 million shares of preferred stock authorized with a par value of $0.10 per share. No preferred stock has been issued to date.

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