Shareholders' Equity

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

During the nine months ended September 30, 2023, the Company paid $159.4 million to repurchase approximately 1.4 million shares of its common stock. As of September 30, 2023, the Board of Directors has authorized the Company to repurchase up to an additional $204.0 million of the Company’s common stock.

The Company paid a regular cash dividend of $0.65 per share on September 15, 2023 to holders of record at the close of business on September 1, 2023. Cash dividends declared and paid per common share for the three and nine months ended September 30, 2023 and 2022 were as follows: 

	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
Cash dividends declared and paid per common share	$	0.65	$	0.64	$	1.95	$	1.92

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 September 30,		Nine months ended September 30,
	2023	2022	2023	2022
Weighted average number of common shares outstanding	56.6	58.8	56.8	59.4
Director Plan and deferred stock units	0.2	0.2	0.2	0.2
ESOP	0.2	0.2	0.2	0.2
Common shares outstanding—basic	57.0	59.2	57.2	59.8
Dilutive effect of restricted stock units	0.4	0.4	0.4	0.4
Dilutive effect of stock option awards	0.4	0.4	0.3	0.4
Common and potential common shares outstanding—diluted	57.8	60.0	57.9	60.6

During the three and nine months ended September 30, 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, were 1.0 million and 1.4 million, respectively, compared to 1.4 million and 1.6 million for the comparable periods 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	—		(25.2)		0.2		(25.0)
Change in fair value	3.5		28.7		—		32.2
Balance as of September 30, 2023	$	(91.3)	$	14.0	$	(3.0)	$	(80.3)

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.