Earnings per Share (EPS) (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Allocation Method Utilized in the Calculation of Basic and Diluted EPS

The following illustrates the earnings allocation method utilized in the calculation of basic and diluted EPS.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(In millions, except per share data)
Basic EPS numerator:
Income from continuing operations, net of income taxes	$	128.8	$	384.4	$	617.0	$	675.9
Less: Net income attributable to noncontrolling interests	11.4		8.5		49.3		8.5
Income from continuing operations attributable to common stockholders	117.4		375.9		567.7		667.4


Income (loss) from discontinued operations, net of income taxes	2.5		(0.8)		(0.1)		(2.3)


Net income attributable to common stockholders	$	119.9	$	375.1	$	567.6	$	665.1

Diluted EPS numerator:
Income from continuing operations, net of income taxes	$	128.8	$	384.4	$	617.0	$	675.9
Add: Tax adjusted interest expense related to 2028 Convertible Notes	3.0		2.6		9.1		6.1
Less: Net income attributable to noncontrolling interests	11.4		8.5		49.3		8.5
Income from continuing operations attributable to common stockholders	120.4		378.5		576.8		673.5
Income (loss) from discontinued operations, net of income taxes	2.5		(0.8)		(0.1)		(2.3)
Net income attributable to common stockholders	$	122.9	$	377.7	$	576.7	$	671.2

EPS denominator:
Weighted average shares outstanding — basic	133.2		144.1		140.0		141.4
Dilutive impact of share-based compensation awards	0.6		1.7		0.6		1.6
Dilutive impact of 2028 Convertible Notes	16.1		16.1		16.1		12.6
Weighted average shares outstanding — diluted	149.9		161.9		156.7		155.6

Basic EPS attributable to common stockholders:
Income from continuing operations	$	0.88	$	2.61	$	4.06	$	4.72
Income (loss) from discontinued operations	0.02		(0.01)		(0.01)		(0.02)
Net income attributable to common stockholders	$	0.90	$	2.60	$	4.05	$	4.70

Diluted EPS attributable to common stockholders:
Income from continuing operations	$	0.80	$	2.34	$	3.68	$	4.33
Income (loss) from discontinued operations	0.02		(0.01)		—		(0.02)
Net income attributable to common stockholders	$	0.82	$	2.33	$	3.68	$	4.31