Net Income Per Share

12 Months Ended

Dec. 31, 2021

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)	2021		2020		2019
Net income	$	661.8	$	346.2	$	241.7
Weighted average common shares outstanding	74.4		73.9		74.0
Dilutive effect of equity awards, based on the treasury stock method	1.9		1.9		1.4

Weighted average shares assuming dilution	76.3		75.8		75.4

During 2021, 2020 and 2019, there were 0.0 million, 0.0 million, and 0.1 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 2020, we announced a share repurchase program for calendar-year 2021 authorizing the repurchase of up to 631,000 shares of our common stock from time to time on the open market as permitted under Exchange Act Rule 10b-18 or in privately-negotiated transactions. There were no shares purchased during the three months ended December 31, 2021. During the year ended December 31, 2021, we purchased 479,000 shares of our common stock under the now completed program at a cost of $137.1 million, or an average price of $286.23 per share.

In December 2021, our Board of Directors approved 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 as permitted under Exchange Act Rule 10b-18 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. This share repurchase program is expected to be completed by December 31, 2022.