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Earnings Per Share | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share 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 September 30, |  | For the Nine Months Ended September 30,
| 2023 |  | 2024 |  | 2023 |  | 2024
Numerator |  |  |  |  |  |  |
Net income (controlling interest) | $217.0 |  | $123.6 |  | $476.8 |  | $349.5
Income from hypothetical settlement of Redeemable non-controlling interests, net of taxes | 17.1 |  | 5.2 |  | 39.4 |  | 1.0
Interest expense on junior convertible securities, net of taxes | 3.4 |  | 3.4 |  | 10.1 |  | 10.1
Net income (controlling interest), as adjusted | $237.5 |  | $132.2 |  | $526.3 |  | $360.6
Denominator |  |  |  |  |  |  |
Average shares outstanding (basic) | 34.9 |  | 30.1 |  | 35.6 |  | 31.4
Effect of dilutive instruments: |  |  |  |  |  |  |
Stock options and restricted stock units | 1.7 |  | 1.7 |  | 1.7 |  | 1.9
Hypothetical issuance of shares to settle Redeemable non-controlling interests | 5.1 |  | 1.5 |  | 3.9 |  | 0.2
Junior convertible securities | 1.7 |  | 1.7 |  | 1.7 |  | 1.7
Average shares outstanding (diluted) | 43.4 |  | 35.0 |  | 42.9 |  | 35.2
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 September 30, |  | For the Nine Months Ended September 30,
| 2023 |  | 2024 |  | 2023 |  | 2024
Stock options and restricted stock units | 0.2 |  | 0.2 |  | 0.3 |  | 0.2
Shares issuable to settle Redeemable non-controlling interests | 0.1 |  | 2.3 |  | 0.7 |  | 3.6
For the three and nine months ended September 30, 2024, under its authorized share repurchase programs, the Company repurchased 0.6 million and 3.6 million shares of its common stock at an average price per share of $163.23 and $158.62, respectively.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-3 + Details
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