Earnings Per Share

12 Months Ended

Dec. 31, 2024

12. Earnings per Share

Total outstanding shares as of December 31, 2024, 2023, and 2022 were 92.9 million, 94.9 million and 94.3 million, respectively. Under our stock repurchase authorization, for the years ended December 31, 2024 and 2022 there were 2.9 million and 2.7 million shares repurchased and retired, respectively. For the year ended December 31, 2023, we did not repurchase any shares. For the years ended December 31, 2024, 2023, and 2022, we acquired 0.4 million, 0.3 million and 0.3 million shares, respectively, related to tax withholding in connection with stock-based compensation.

The calculation of basic earnings per share of common stock is based on the weighted-average number of shares of common stock outstanding in the year, or period, over which they were outstanding. Except when the impact would be anti-dilutive, our calculation of diluted earnings per share of common stock assumes that the number of shares of common stock outstanding is increased by shares that would be issued upon exercise of those stock awards for which the average market price for the period exceeds the exercise price less the shares that could have been purchased by the Company with the related proceeds, including compensation expense measured but not yet recognized.

Our weighted-average shares outstanding for the years ended December 31, 2024, 2023, and 2022 were as follows:


	Year Ended December 31,
(in millions)	2024		2023		2022
Weighted-average number of shares of common stock outstanding - basic		95.6		95.3		95.3
Effect of dilutive securities:
Restricted stock units		—		—		—
Weighted-average shares and assumed conversions - diluted(1)		95.6		95.3		95.3

(1)

Due to the net loss during the twelve months ended December 31, 2024, 2023 and 2022, diluted earnings per share are the same as basic earnings per share.

Awards of potentially dilutive shares of common stock, which have exercise prices that were higher than the average market price during the period, are not included in the computation of dilutive earnings per share as their effect would have been anti-dilutive. For the years ended December 31, 2024, 2023, and 2022, the number of anti-dilutive shares were approximately 10.1 million, 9.9 million and 9.8 million, respectively.