EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2022

NOTE 8. EARNINGS PER SHARE

Basic and diluted net income per share are computed by dividing net income by the weighted-average number of common shares outstanding. Diluted net income per share reflects the dilutive effect of stock-based compensation.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Computation of Net Income per Share	(In millions, except per share data)
Net income	$	315.2	$	390.7	$	1,130.3	$	990.1
Basic shares	141.2		160.1		148.3		159.4
Basic net income per share	$	2.23	$	2.44	$	7.62	$	6.21
Diluted shares:
Basic shares	141.2		160.1		148.3		159.4
Stock-based compensation	3.1		3.8		3.6		3.6
Diluted shares	144.3		163.9		151.9		163.0
Diluted net income per share	$	2.18	$	2.38	$	7.44	$	6.07

The computation of dilutive shares does not include 0.7 million shares for both the three and nine months ended September 30, 2022 and 0.1 million shares for both the three and nine months ended September 30, 2021, as their effect would have been anti-dilutive.