Net Income Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Net Income Per Share

NOTE 4 Net Income Per Share

Basic net income per share is computed based on the weighted average number of common shares (including participating securities) issued and outstanding during the period. Diluted net income per share is computed based on the weighted average number of common shares issued and outstanding plus equivalent shares, assuming the issuance of all potentially issuable common shares. The dilutive effect of potentially issuable common shares is computed by application of the treasury stock method. The following is a reconciliation between basic and diluted weighted average shares outstanding:

	Three months ended June 30,						Six months ended June 30,
(in millions, except per share data)	2023			2022			2023			2022
Net income	$	190.4		$	145.2		$	425.9		$	365.5
Net income attributable to unvested awarded performance stock		(2.8	)		(2.7	)		(6.8	)		(7.1	)
Net income attributable to common shares	$	187.6		$	142.5		$	419.1		$	358.4
Weighted average number of common shares outstanding – basic		283.6			282.5			283.5			282.6
Less unvested awarded performance stock included in weighted    average number of common shares outstanding – basic		(4.2	)		(5.3	)		(4.5	)		(5.5	)
Weighted average number of common shares outstanding for basic    net income per common share		279.4			277.2			279.0			277.1
Dilutive effect of potentially issuable common shares		1.0			1.0			1.0			1.3
Weighted average number of shares outstanding – diluted		280.4			278.2			280.0			278.4
Net income per share:
Basic	$	0.67		$	0.51		$	1.50		$	1.29
Diluted	$	0.67		$	0.51		$	1.50		$	1.29