Earnings Per Share

3 Months Ended

Mar. 31, 2022

Earnings Per ShareThe calculation of Earnings per share (basic) is based on the weighted average number of shares of the Company’s common stock outstanding during the period. Earnings per share (diluted) is similar to Earnings per share (basic), but adjusts for the dilutive effect of the potential issuance of incremental shares of the Company’s common stock.

The following is a reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per share available to common stockholders:


	For the Three Months Ended March 31,
	2021		2022
Numerator
Net income (controlling interest)	$	149.9	$	146.0
Income from hypothetical settlement of Redeemable non-controlling interests, net of taxes	—		11.7
Interest expense on junior convertible securities, net of taxes	4.7		3.8
Net income (controlling interest), as adjusted	$	154.6	$	161.5
Denominator
Average shares outstanding (basic)	42.6		39.7
Effect of dilutive instruments:
Stock options and restricted stock units	0.6		1.2
Hypothetical issuance of shares to settle Redeemable non-controlling interests	—		4.0
Junior convertible securities	2.2		2.0
Average shares outstanding (diluted)	45.4		46.9

Average shares outstanding (diluted) in the table above excludes stock options and restricted stock units that have not met certain performance conditions and instruments that have an anti-dilutive effect on Earnings per share (diluted). The following is a summary of items excluded from the denominator in the table above:


	For the Three Months Ended March 31,
	2021	2022
Stock options and restricted stock units	0.4	0.5
Shares issuable to settle Redeemable non-controlling interests	—	3.1

For the three months ended March 31, 2022, under its authorized share repurchase programs, the Company repurchased 1.3 million shares of its common stock, at an average price per share of $144.42.