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EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

EARNINGS PER SHARE

EARNINGS PER SHARE The 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 (in millions, except share and per share data):

						Three Months Ended September 30,												Nine Months Ended September 30,
						2023						2022						2023						2022
Weighted average basic common shares outstanding						13,661,059						15,189,333						13,765,791						15,886,739
Dilutive effect of stock-based awards and employee stock purchases						57,669						59,115						50,404						57,145
Weighted average dilutive common shares outstanding						13,718,728						15,248,448						13,816,194						15,943,883
Basic:
Net income						$	163.9					$	195.7					$	492.9					$	594.6
Less: Earnings allocated to participating securities from continuing operations						4.0						5.5						12.3						16.8
Less: Loss allocated to participating securities to discontinued operations						—						—						—						(0.1)
Net income available to basic common shares						$	159.9					$	190.3					$	480.6					$	577.9
Basic earnings per common share						$	11.70					$	12.53					$	34.91					$	36.38
Diluted:
Net income						$	163.9					$	195.7					$	492.9					$	594.6
Less: Earnings allocated to participating securities from continuing operations						4.0						5.4						12.2						16.7
Less: Loss allocated to participating securities to discontinued operations						—						—						—						(0.1)
Net income available to diluted common shares						$	159.9					$	190.3					$	480.6					$	578.0
Diluted earnings per common share						$	11.65					$	12.48					$	34.79					$	36.25

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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
-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

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