Earnings Per Share

6 Months Ended

Jun. 30, 2024

3. Earnings Per Share:

Basic earnings per share are computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted earnings per share are computed by dividing net income by the sum of the weighted-average number of shares and the number of equivalent shares assumed outstanding, if dilutive, under our stock-based compensation plans.

The computations of basic and diluted earnings per share were as follows (in millions, except per share data):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
Net income	$	245.9	$	217.2	$	370.2	$	315.2



Weighted-average shares outstanding – basic	35.6		35.5		35.6		35.5
Add: Potential effect of dilutive securities attributable to stock-based payments	0.2		0.1		0.2		0.1
Weighted-average shares outstanding – diluted	35.8		35.6		35.8		35.6




Earnings per share – Basic:	$	6.91	$	6.12	$	10.40	$	8.88




Earnings per share – Diluted:	$	6.87	$	6.10	$	10.34	$	8.85

The following stock appreciation rights and restricted stock units were outstanding but not included in the diluted earnings per share calculation as the assumed exercise of such rights would have been anti-dilutive (in millions, except for per share data):


	For the Three Months Ended June 30,		For the Six Months Ended June 30,
	2024	2023	2024	2023
Weighted-average number of shares	—	0.2	—	0.2