Net Income Per Share

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
(in millions)	2023		2022		2023		2022
Net income	$	161.3	$	120.6	$	456.4	$	482.9
Weighted average common shares outstanding	74.3		74.4		74.4		74.4
Dilutive effect of equity awards, based on the treasury stock method	1.0		1.3		1.1		1.5
Weighted average shares assuming dilution	75.3		75.7		75.5		75.9

During the three months ended September 30, 2023 and 2022, there were 0.0 million and 0.2 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 0.1 million antidilutive shares outstanding during the nine months ended September 30, 2023 and 2022, respectively.

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 September 30, 2023, we purchased 77,329 shares of our common stock under the program at a cost of $27.8 million, or an average price of $360.25 per share. During the nine months ended September 30, 2023, we purchased 753,399 shares of our common stock under the program at a cost of $261.3 million, or an average price of $346.86 per share.

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. The number of shares to be repurchased and the timing of such transactions was dependent on a variety of factors, including market conditions. This share repurchase program was completed by December 31, 2022. During the three months ended September 30, 2022, we purchased 86,667 shares of our common stock under the calendar-year 2022 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 calendar-year 2022 program at a cost of $202.9 million, or an average price of $360.03 per share.