Shareholders' Equity

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

During the three months ended March 31, 2023, the Company paid $62.8 million to repurchase approximately 0.5 million shares of its common stock. As of March 31, 2023, the Board of Directors has authorized the Company to repurchase up to an additional $300.5 million of the Company’s common stock. The repurchase of any or all such shares authorized for repurchase will be governed by applicable SEC rules and dependent on management’s assessment of market conditions and subject to the restrictions on share repurchases set forth in the incremental amendment.

The Company paid a regular cash dividend of $0.65 per share on March 15, 2023 to holders of record at the close of business on March 1, 2023. Cash dividends declared and paid per common share for the three months ended March 31, 2023 and 2022, were as follows: 

	Three months ended March 31,
	2023		2022
Cash dividends declared and paid per common share	$	0.65	$	0.64

Net income per share

Basic income per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during each period, including shares earned under the Deferred Compensation Plan for Directors (“Director Plan”), the ESOP and deferred stock units under the 2007 Omnibus Incentive Plan (“Omnibus Plan”). Diluted income per share is computed under the treasury stock method and is calculated to compute the dilutive effect of outstanding stock options and certain share-based awards issued under the Omnibus Plan. A reconciliation of these amounts is as follows (in millions):

	Three months ended March 31,
	2023	2022
Weighted average number of common shares outstanding	57.0	59.9
Director Plan and deferred stock units	0.2	0.2
ESOP	0.2	0.2
Common shares outstanding—basic	57.4	60.3
Dilutive effect of restricted stock units	0.4	0.5
Dilutive effect of stock option awards	0.3	0.4
Common and potential common shares outstanding—diluted	58.1	61.2

During the three months ended March 31, 2023, the number of options that were not included in the computation of diluted income per share because the option exercise price was greater than the market price, and therefore, the effect would have been anti-dilutive was 1.7 million compared to 1.3 million for the same period in 2022.

Accumulated other comprehensive loss

Changes in the accumulated other comprehensive loss balance were as follows (in millions):

	Foreign Currency Translation		Cash Flow Hedging Derivatives		Retirement Plan Activity		Accumulated Other Comprehensive Loss
Balance as of December 31, 2022	$	(94.8)	$	10.5	$	(3.2)	$	(87.5)
Reclassification to the statement of income	—		(6.0)		0.1		(5.9)
Change in fair value	14.1		4.6		—		18.7
Balance as of March 31, 2023	$	(80.7)	$	9.1	$	(3.1)	$	(74.7)

See Note 11 for the amount of gains and losses, net of tax, reclassified from accumulated other comprehensive loss into the statements of income for cash flow derivatives designated as hedging instruments.