Earnings Per Share

6 Months Ended

Jun. 30, 2023

EARNINGS PER SHARE

Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding for the period, including vested restricted stock unit (“RSU”) awards. Diluted EPS is computed by dividing net income by the weighted average number of shares outstanding, noted above, adjusted for the dilutive effect of unvested RSU awards and stock options.

The following table presents the calculation of basic and diluted EPS:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Net income from continuing operations	$	272.5	$	376.5	$	560.3	$	738.6
Income (loss) from discontinued operations, net of income taxes	—		(0.2)		0.9		(0.2)
Net income	$	272.5	$	376.3	$	561.2	$	738.4

Basic weighted average common shares outstanding	45.0		57.8		46.1		59.9
Dilutive effect of unvested RSUs and stock options	0.3		0.3		0.3		0.4
Diluted weighted average common shares outstanding	45.3		58.1		46.4		60.3

Basic EPS amounts(1):
Continuing operations	$	6.06	$	6.51	$	12.15	$	12.33
Discontinued operations	$	—	$	—	$	0.02	$	—
Net income	$	6.06	$	6.51	$	12.17	$	12.33

Diluted EPS amounts(1):
Continuing operations	$	6.02	$	6.48	$	12.08	$	12.25
Discontinued operations	$	—	$	—	$	0.02	$	—
Net income	$	6.02	$	6.48	$	12.09	$	12.25

(1) EPS amounts are calculated discretely and, therefore, may not add up to the total due to rounding.

A summary of anti-dilutive equity instruments excluded from the computation of diluted EPS is as follows:


	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2023	2022	2023	2022
Anti-dilutive equity instruments excluded from the computation of diluted EPS	—	0.1	—	0.1