Net Income Per Share

9 Months Ended

Sep. 30, 2022

The following table reconciles the shares used in the calculation of basic net income per share to those used for diluted net income per share:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2022		2021		2022		2021
Net income	$	120.6	$	175.6	$	482.9	$	514.1
Weighted average common shares outstanding	74.4		74.1		74.4		74.0
Dilutive effect of equity awards, based on the treasury stock method	1.3		1.9		1.5		1.8
Weighted average shares assuming dilution	75.7		76.0		75.9		75.8

During the three months ended September 30, 2022 and 2021, there were 0.2 million and 0.0 million shares, respectively, from stock-based compensation plans not included in the computation of diluted net income per share because their impact was antidilutive. There were 0.1 million and 0.0 million antidilutive shares outstanding during the nine months ended September 30, 2022 and 2021, respectively.

In December 2021, we announced a share repurchase program for calendar-year 2022 authorizing the repurchase of up to 650,000 shares of our common stock from time to time on the open market or in privately-negotiated transactions as permitted under Exchange Act Rule 10b-18. The number of shares to be repurchased and the timing of such transactions will depend on a variety of factors, including market conditions. This share repurchase program is expected to be completed by December 31, 2022.

During the three months ended September 30, 2022, we purchased 86,667 shares of our common stock under the program at a cost of $27.2 million, or an average price of $313.22 per share. During the nine months ended September 30, 2022, we purchased 563,334 shares of our common stock under the program at a cost of $202.9 million, or an average price of $360.03 per share.