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Earnings Per Share
 12 Months Ended
Dec. 31, 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 Years Ended December 31,
 
2022
2023
2024
Numerator
 
 
 
Net income (controlling interest) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,145.9
$672.9
$511.6
Income from hypothetical settlement of Redeemable non-controlling
interests, net of tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
82.9
49.0
20.5
Interest expense on junior convertible securities, net of taxes . . . . . . . . . . . . .
14.0
13.4
13.4
Net income (controlling interest), as adjusted . . . . . . . . . . . . . . . . . . . . . . . . .
$1,242.8
$735.3
$545.5
Denominator
 
 
 
Average shares outstanding (basic) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
38.5
35.1
31.1
Effect of dilutive instruments:
Stock options and restricted stock units . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.3
1.7
1.7
Hypothetical issuance of shares to settle Redeemable non-controlling
interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.4
3.7
1.6
Junior convertible securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.8
1.7
1.7
Average shares outstanding (diluted) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
49.0
42.2
36.1
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 Years Ended December 31,
 
2022
2023
2024
Stock options and restricted stock units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.2
0.2
0.2
Shares issuable to settle Redeemable non-controlling interests . . . . . . . . . . . .
0.1
0.7
2.0