Earnings Per Share

3 Months Ended

Mar. 31, 2025

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 May 2, 2023, the Board of Directors approved a share repurchase authorization of up to $1.5 billion that expires December 31, 2028, and excludes excise tax. As of March 31, 2025, approximately $787.8 million remained under the 2023 authorization. For the three months ended March 31, 2025, the Company repurchased 321,119 shares of common stock for an average price of $470.80 per share including brokerage fees and excise

tax. For the three months ended March 31, 2024, 216,036 shares were repurchased for an average price of $402.14 per share.

The following tables provide a reconciliation of basic and diluted earnings per share computations for the three months ended March 31, 2025 and 2024:


	Three Months Ended March 31,
(Millions of dollars, except share and per share amounts)	2025		2024
Earnings per common share:
Net income per share - basic


Net income attributable to common stockholders	$	53.2	$	66.0

Weighted average common shares outstanding (in thousands)	19,929		20,814

Earnings per common share	$	2.67	$	3.17


	Three Months Ended March 31,
(Millions of dollars, except share and per share amounts)	2025		2024
Earnings per common share - assuming dilution:
Net income per share - diluted


Net income attributable to common stockholders	$	53.2	$	66.0

Weighted average common shares outstanding (in thousands)	19,929		20,814
Common equivalent shares:
Dilutive share-based awards	275		348
Weighted average common shares outstanding - assuming dilution (in thousands)	20,204		21,162

Earnings per common share assuming dilution	$	2.63	$	3.12

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 March 31,
Potentially dilutive shares excluded from the calculation as their inclusion would be anti-dilutive	2025	2024
Stock Options	47,623	16,597
RSUs	4,912	151
PSUs	9,824	5,689
Total anti-dilutive shares	62,359	22,437