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Earnings Per Share | 9 Months Ended
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Sep. 30, 2023
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share Basic earnings per common share is computed by dividing net income available to common stockholders by the weighted average of common shares outstanding during the period. Diluted earnings per common share adjusts basic earnings per common share for the effects of stock options and restricted stock in the periods where such items are dilutive. On December 1, 2021, our Board of Directors approved a share repurchase authorization of up to $1 billion that expires December 31, 2026, and excludes excise tax. As of September 30, 2023, approximately $41.0 million remained under the 2021 authorization. In addition, on May 2, 2023, we announced that our Board of Directors approved a new share repurchase authorization of up to $1.5 billion to begin upon completion of the current $1 billion authorization and to be executed by December 31, 2028. For the nine months ended September 30, 2023, the Company repurchased 584,086 shares of common stock for an average price of $298.12 per share including brokerage fees and excise tax. For the nine months ended September 30, 2022, 2,482,804 shares were repurchased for an average price of $228.33 per share. The following tables provide a reconciliation of basic and diluted earnings per share computations for the three and nine months ended September 30, 2023 and 2022:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(Millions of dollars, except share and per share amounts) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Earnings per common share: |  |  |  |  |  |  |  |
Net income per share - basic |  |  |  |  |  |  |  |
Net income attributable to common stockholders |  | $ | 167.7 |  |  | $ | 219.5 |  |  | $ | 406.8 |  |  | $ | 555.2 |
Weighted average common shares outstanding (in thousands) |  | 21,401 |  |  | 23,206 |  |  | 21,635 |  |  | 23,963 |
Earnings per common share |  | $ | 7.83 |  |  | $ | 9.46 |  |  | $ | 18.80 |  |  | $ | 23.17 |
|  | Three Months Ended March 31, |  | Nine Months Ended September 30,
(Millions of dollars, except share and per share amounts) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Earnings per common share - assuming dilution: |  |  |  |  |  |  |  |
Net income per share - diluted |  |  |  |  |  |  |  |
Net income attributable to common stockholders |  | $ | 167.7 |  |  | $ | 219.5 |  |  | $ | 406.8 |  |  | $ | 555.2 |
Weighted average common shares outstanding (in thousands) |  | 21,401 |  |  | 23,206 |  |  | 21,635 |  |  | 23,963 |
Common equivalent shares: |  |  |  |  |  |  |  |
Dilutive share-based awards |  | 389 |  |  | 444 |  |  | 385 |  |  | 435 |
Weighted average common shares outstanding - assuming dilution (in thousands) |  | 21,790 |  |  | 23,650 |  |  | 22,020 |  |  | 24,398 |
Earnings per common share assuming dilution |  | $ | 7.69 |  |  | $ | 9.28 |  |  | $ | 18.47 |  |  | $ | 22.76 |
We have excluded from the earnings-per-share calculation certain stock options and shares that are considered to be anti-dilutive under the treasury stock method and are reported in the table below.
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Potentially dilutive shares excluded from the calculation as their inclusion would be anti-dilutive |  | 2023 |  | 2022 |  | 2023 |  | 2022
Stock Options |  | 38,100 |  |  | — |  |  | 38,100 |  |  | 3,250 |
PSUs |  | — |  |  | — |  |  | 12,800 |  |  | 1,353 |
Total anti-dilutive shares |  | 38,100 |  |  | — |  |  | 50,900 |  |  | 4,603 |

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