XML 33 R16.htm IDEA: XBRL DOCUMENT v3.25.1
EARNINGS PER SHARE
 3 Months Ended
Mar. 31, 2025
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 restricted stock awards 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 March 31,
 20252024
Weighted average basic common shares outstanding13,059,447 13,328,721 
Dilutive effect of stock-based awards and employee stock purchases 23,936 60,048 
Weighted average dilutive common shares outstanding13,083,383 13,388,769 
Basic:
Net income$128.1 $147.9 
Less: Earnings allocated to participating securities from continuing operations1.6 3.3 
Less: Earnings (loss) allocated to participating securities to discontinued operations
— — 
Net income available to basic common shares$126.5 $144.5 
Basic earnings per common share$9.69 $10.84 
Diluted:
Net income$128.1 $147.9 
Less: Earnings allocated to participating securities from continuing operations1.6 3.3 
Less: Earnings (loss) allocated to participating securities to discontinued operations
— — 
Net income available to diluted common shares$126.5 $144.6 
Diluted earnings per common share$9.67 $10.80