Earnings Per Share

3 Months Ended

Mar. 31, 2026

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, excluding excise taxes, that expires December 31, 2028. As of March 31, 2026, approximately $221.4 million remained under the 2023 authorization. On October 29, 2025, the Company announced that the Board of Directors approved a new share repurchase authorization of up to $2.0 billion, excluding excise taxes, to be executed by December 31, 2030. This authorization will commence at the conclusion of the existing 2023 authorization.

For the three months ended March 31, 2026, the Company repurchased 168,963 shares of common stock for an average price of $419.87 per share including brokerage fees and excise tax. For the three months ended March 31, 2025, 321,119 shares were repurchased for an average price of $470.80 per share.

The following tables provide a reconciliation of basic and diluted earnings per share computations for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
(Millions of dollars, except share and per share amounts)	2026		2025
Earnings per common share:
Net income per share - basic


Net income attributable to common stockholders	$	136.3	$	53.2

Weighted average common shares outstanding (in thousands)	18,518		19,929

Earnings per common share	$	7.36	$	2.67


	Three Months Ended March 31,
(Millions of dollars, except share and per share amounts)	2026		2025
Earnings per common share - assuming dilution:
Net income per share - diluted


Net income attributable to common stockholders	$	136.3	$	53.2

Weighted average common shares outstanding (in thousands)	18,518		19,929
Common equivalent shares:
Dilutive share-based awards	190		275
Weighted average common shares outstanding - assuming dilution (in thousands)	18,708		20,204

Earnings per common share assuming dilution	$	7.28	$	2.63

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	2026	2025
Stock Options	51,876	47,623
RSUs	—	4,912
PSUs	7,905	9,824
Total anti-dilutive shares	59,781	62,359