Earnings Per Share

6 Months Ended

Jun. 30, 2025

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,
	2024	2025	2024	2025
Numerator
Net income (controlling interest)	$76.0	$84.3	$225.8	$156.6
Income (loss) from hypothetical settlement of Redeemable non-controlling interests, net of taxes	0.3	0.3	0.7	(1.5)
Interest expense on junior convertible securities, net of taxes	3.4	3.4	6.7	6.7
Net income (controlling interest), as adjusted	$79.7	$88.0	$233.2	$161.8
Denominator
Average shares outstanding (basic)	31.5	28.5	32.1	28.9
Effect of dilutive instruments:
Stock options and restricted stock units	1.9	1.0	1.9	1.1
Hypothetical issuance of shares to settle Redeemable non-controlling interests	0.2	0.2	0.3	0.6
Junior convertible securities	1.7	1.7	1.7	1.7
Average shares outstanding (diluted)	35.3	31.4	36.0	32.3

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,
	2024	2025	2024	2025
Stock options and restricted stock units	0.2	0.2	0.3	0.2
Shares issuable to settle Redeemable non-controlling interests	3.9	2.8	3.8	2.5

For the three and six months ended June 30, 2025, under its authorized share repurchase program, the Company

repurchased 0.6 million and 1.6 million shares of its common stock at an average price per share of $168.72 and $170.16,

respectively.