Earnings Per Share

6 Months Ended

Jun. 30, 2023

The 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 June 30,				For the Six Months Ended June 30,
	2022		2023		2022		2023
Numerator
Net income (controlling interest)	$	109.4	$	125.3	$	255.4	$	259.8
Income from hypothetical settlement of Redeemable non-controlling interests, net of taxes	6.6		8.2		30.8		4.5
Interest expense on junior convertible securities, net of taxes	3.5		3.4		7.3		6.7
Net income (controlling interest), as adjusted	$	119.5	$	136.9	$	293.5	$	271.0
Denominator
Average shares outstanding (basic)	38.7		35.9		39.2		35.9
Effect of dilutive instruments:
Stock options and restricted stock units	1.2		1.7		1.3		1.8
Hypothetical issuance of shares to settle Redeemable non-controlling interests	2.8		2.8		5.7		0.8
Junior convertible securities	1.8		1.7		1.9		1.7
Average shares outstanding (diluted)	44.5		42.1		48.1		40.2

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 June 30,		For the Six Months Ended June 30,
	2022	2023	2022	2023
Stock options and restricted stock units	0.3	0.2	0.3	0.3
Shares issuable to settle Redeemable non-controlling interests	4.6	2.5	1.8	3.8

For the three and six months ended June 30, 2023, under its authorized share repurchase programs, the Company repurchased 0.7 million shares of its common stock at an average price per share of $125.13.

In December 2022, the Company entered into an accelerated share repurchase agreement to repurchase shares of its common stock in exchange for an upfront payment of $225.0 million. The Company received an initial share delivery of 1.1 million shares in December 2022, which represented 80% of the upfront payment based on the closing price of its common stock on the agreement date. In June 2023, the Company received a final share delivery of 0.4 million shares. Under this agreement the Company repurchased a total of 1.5 million shares at an average price of $147.29 per share.