Earnings Per Common Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Net Income, Weighted Average Common Shares Used in Calculating Basic Earnings Per Common Share and Diluted EPS

The following table presents net income, the weighted average common shares used in calculating basic EPS and those used in calculating diluted EPS for each period presented below. Diluted EPS reflects the incremental common shares from common shares issuable upon vesting of performance share units (“PSUs”) and the purchase of shares under the Employee Stock Purchase Plan (the “ESPP”) using the treasury stock method. The outstanding restricted stock units (“RSUs”) have non-forfeitable rights to dividend equivalents and are therefore included in calculating basic and diluted EPS under the two-class method.

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Numerator
Net income	$	188.7	$	156.3	$	425.1	$	269.9
Less: Common stock dividends paid	(39.9)		(39.7)		(77.3)		(76.7)
Undistributed earnings	$	148.8	$	116.6	$	347.8	$	193.2
Denominator
Weighted average common shares outstanding used in basic per common share calculations	52,500,727		53,745,611		52,516,296		53,619,711
Incremental common shares from:
PSUs	167,770		78,906		249,421		158,159
ESPP	49,239		65,165		49,239		65,165
Weighted average common shares outstanding used in diluted per common share calculations	52,717,736		53,889,682		52,814,956		53,843,035
Earnings per common share – Basic
Distributed earnings	$	0.76	$	0.74	$	1.47	$	1.43
Undistributed earnings	2.83		2.17		6.62		3.60
Net income	$	3.59	$	2.91	$	8.09	$	5.03
Earnings per common share – Diluted
Distributed earnings	$	0.76	$	0.74	$	1.46	$	1.42
Undistributed earnings	2.82		2.16		6.59		3.59
Net income	$	3.58	$	2.90	$	8.05	$	5.01