Net Income Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Denominators for The Computation of Basic and Diluted Earnings Per Share

The following table sets forth the calculation of basic and diluted net income per share:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(In millions, except net income per share)
Numerator:
Net income	$	245	$	230	$	875	$	736
Denominator:
Shares outstanding at the beginning of the period	57.8		57.6		57.4		57.9
Weighted-average number of shares issued:
Stock-based compensation	—		—		0.3		0.2
Stock purchases	—		—		—		(0.3)
Denominator for basic net income per share	57.8		57.6		57.7		57.8
Effect of dilutive securities: (1)
Stock-based compensation	0.3		0.7		0.4		0.7
Denominator for diluted net income per share	58.1		58.3		58.1		58.5
Net income per share - Basic (2)	$	4.24	$	4.00	$	15.18	$	12.74
Net income per share - Diluted (2)	$	4.21	$	3.95	$	15.08	$	12.58

______________________________

(1)    The dilutive effect of all potentially dilutive common shares is calculated using the treasury stock method.

(2)    Source data for calculations in thousands.