Earnings Per Share

6 Months Ended

Jun. 30, 2023

NOTE 10. EARNINGS PER SHARE

Basic earnings per share is computed based on the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed based on the weighted-average number of shares of common stock outstanding during the period plus additional shares of common stock that would have been outstanding if potentially dilutive securities had been issued. Potentially dilutive securities include outstanding stock options, restricted stock units, contingently issuable stock, and stock to be purchased under our employee stock purchase plan.

The following table shows the computation of basic and diluted earnings per share:


	Second Quarter of				First Two Quarters of
	2023		2022		2023		2022
(In millions, except per share amounts)
Numerator:
Net income	$	44.6	$	168.0	$	173.4	$	278.3
Denominator:
Weighted-average number of common shares used in basic earnings per share	248.1		249.2		247.7		250.0
Effect of dilutive securities	0.9		1.5		1.2		1.7
Weighted-average number of common shares and dilutive potential common shares used in diluted earnings per share	249.0		250.7		248.9		251.7

Basic earnings per share	$	0.18	$	0.67	$	0.70	$	1.11
Diluted earnings per share	$	0.18	$	0.67	$	0.70	$	1.11

Antidilutive weighted-average shares (1)	3.8		2.1		1.9		1.5

(1) Antidilutive stock-based awards are excluded from the calculation of diluted shares and diluted earnings per share because their impact would increase diluted earnings per share.