Net Income Per Share

3 Months Ended

Mar. 31, 2023

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 March 31,
(in millions)	2023		2022
Net income	$	140.0	$	173.8
Weighted average common shares outstanding	74.5		74.4
Dilutive effect of equity awards, based on the treasury stock method	1.2		1.6
Weighted average shares assuming dilution	75.7		76.0

During the three months ended March 31, 2023 and 2022, there were 0.3 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 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.

During the three months ended March 31, 2023, we purchased 183,360 shares of our common stock under the program at a cost of $60.1 million, or an average price of $327.90 per share. During the three months ended March 31, 2022, we purchased 390,000 shares of our common stock under the program at a cost of $147.1 million, or an average price of $377.23 per share.