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EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

EARNINGS PER SHARE

EARNINGS PER SHAREThe two-class method is utilized for the computation of the Company’s EPS. The two-class method requires a portion of net income to be allocated to participating securities, which are unvested awards of share-based payments with non-forfeitable rights to receive dividends that are paid in cash. The Company’s RSAs are participating securities. Income allocated to these participating securities is excluded from net earnings available to common shares, as shown in the table below. Basic EPS is computed by dividing net income available to basic common shares by the weighted average number of basic common shares outstanding during the period. Diluted EPS is computed by dividing net income available to diluted common shares by the weighted average number of dilutive common shares outstanding during the period. The following table sets forth the calculation of EPS on total net income for the years ended December 31, 2022, 2021 and 2020 (in millions, except share and per share data):

						Years Ended December 31,
						2022						2021						2020
Weighted average basic common shares outstanding						15,441,292						17,655,365						17,754,666
Dilutive effect of stock-based awards and employee stock purchases						52,324						66,847						51,912
Weighted average dilutive common shares outstanding						15,493,616						17,722,212						17,806,578
Basic:
Net income						$	751.5					$	552.1					$	286.5
Less: Earnings allocated to participating securities from continuing operations						21.3						21.1						10.7
Less: Loss allocated to participating securities from discontinued operations						(0.1)						(2.5)						(0.4)
Net income available to basic common shares						$	730.3					$	533.5					$	276.2
Basic earnings per common share						$	47.29					$	30.22					$	15.55
Diluted:
Net income						$	751.5					$	552.1					$	286.5
Less: Earnings allocated to participating securities from continuing operations						21.3						21.0						10.6
Less: Loss allocated to participating securities from discontinued operations						(0.1)						(2.5)						(0.4)
Net income available to diluted common shares						$	730.3					$	533.6					$	276.2
Diluted earnings per common share						$	47.14					$	30.11					$	15.51

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- References

No definition available.

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- Definition

The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-URI https://asc.fasb.org/topic&trid=2144383

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257

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