Earnings Per Common Share

3 Months Ended

Mar. 31, 2026

The following table presents net income, the weighted average common shares used in calculating basic EPS and those used in calculating diluted EPS for each period presented below. Diluted EPS reflects the incremental common shares from common shares issuable upon vesting of performance share units (“PSUs”) and the purchase of shares under the Employee Stock Purchase Plan (the “ESPP”) using the treasury stock method. The outstanding restricted stock units (“RSUs”) have non-forfeitable rights to dividend equivalents and are therefore included in calculating basic and diluted EPS under the two-class method.


	Three Months Ended March 31,
	2026		2025
Numerator
Net income	$	274.1	$	146.6
Less: Earnings allocated to participating securities	(2.3)		(1.4)
Net income used in basic and diluted per common share calculations	$	271.8	$	145.2

Denominator
Weighted average common shares outstanding used in basic per common share calculations	49,702,511		50,799,019
Incremental common shares from:
PSUs	494,763		449,697
ESPP	273		—
Weighted average common shares outstanding used in diluted per common share calculations	50,197,547		51,248,716

Earnings per common share – Basic	$	5.47	$	2.86
Earnings per common share – Diluted	$	5.41	$	2.83

Average PSUs totaling 15,745 and 15,279 for the three months ended March 31, 2026 and 2025, respectively, were anti-dilutive and thus not included in the computation of diluted EPS under the treasury stock method.