Earnings Per Share and Shareholders' Equity Transactions

12 Months Ended

Dec. 31, 2025

Earnings Per Share and Shareholders' Equity Transactions

10. EARNINGS PER SHARE AND SHAREHOLDERS’ EQUITY TRANSACTIONS

The following table provides weighted average share information used in the calculation of the Company’s basic and diluted earnings per share:


DECEMBER 31	2025			2024			2023
(in millions, except per share data)
Basic shares used in the calculation of earnings per share		35.8			35.9			35.7
Dilutive effect of securities:
Employee stock options		0.3			0.2			0.1
Non-vested stock grants		0.4			0.3			0.3
Diluted shares used in the calculation of earnings per share		36.5			36.4			36.1
Per share effect of dilutive securities on income from continuing operations and net income	$	(0.34	)	$	(0.15	)	$	(0.01	)

Diluted earnings per share during 2025, 2024 and 2023 excludes 0.1 million, 0.4 million and 0.3 million, respectively, shares of common stock issuable under the Company’s stock compensation plans, because their effect would be antidilutive.

The Board of Directors authorized a stock repurchase program which provides for aggregate repurchases of the Company’s common stock of up to $1.3 billion. Under the repurchase authorization, the Company may repurchase, from time to time, common stock in amounts, at prices and at such times as the Company deems appropriate, subject to market conditions and other considerations. Repurchases may be executed using open market purchases, privately negotiated transactions, accelerated repurchase programs or other transactions. The Company is not required to purchase any specific number of shares or to make purchases by any certain date under this program. During 2025, the Company repurchased approximately 0.7 million shares through open market purchases at an aggregate cost of $130.1 million. Included in the cost of treasury stock acquired pursuant to common share repurchases in 2025 is the 1% excise tax imposed on common share repurchase activity, net of common share issuances, as part of the Inflation Reduction Act of 2022. During 2024, the Company repurchased approximately 0.2 million shares through open market repurchases at an aggregate cost of $26.7 million. The Company did not repurchase any shares during 2023. As of December 31, 2025, the Company had repurchased 8.8 million shares under this $1.3 billion program and had approximately $173 million available for additional repurchases.