Net Income Per Share

12 Months Ended

Dec. 31, 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:


(in millions)	2022		2021		2020
Net income	$	585.9	$	661.8	$	346.2
Weighted average common shares outstanding	74.4		74.4		73.9
Dilutive effect of equity awards, based on the treasury stock method	1.4		1.9		1.9

Weighted average shares assuming dilution	75.8		76.3		75.8

During 2022, 2021 and 2020, there were 0.2 million, 0.0 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.

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. There were no shares purchased during the three months ended December 31, 2022. During the year ended December 31, 2022, we purchased 563,334 shares of our common stock under the now completed program at a cost of $202.8 million, or an average price of $360.03 per share.

In February 2023, the Board of Directors approved a share repurchase program under which we may repurchase up to $1.0 billion in shares of common stock. The share repurchase program does not have an expiration date under which we may repurchase common stock on the open market or in privately-negotiated transactions. The number of shares to be repurchased and the timing of such transactions will depend on a variety of factors, including market conditions.