Earnings Per Share and Shareholders' Equity Transactions

3 Months Ended

Mar. 31, 2023

Earnings Per Share and Shareholders' Equity Transactions

10. Earnings Per Share and Shareholders’ Equity Transactions

The following table provides weighted average share information used in the calculation of the Company’s basic and diluted earnings per share:


	Three Months Ended
	March 31,
(in millions, except per share data)	2023		2022
Basic shares used in the calculation of earnings per share		35.6		35.5
Dilutive effect of securities:
Employee stock options		—		0.3
Non-vested stock grants		—		0.3
Diluted shares used in the calculation of earnings per share		35.6		36.1
Per share effect of dilutive securities on income (loss) from continuing operations	$	—	$	(0.05	)
Per share effect of dilutive securities on net income (loss)	$	—	$	(0.05	)

Diluted earnings per share for the three months ended March 31, 2023 and 2022 excludes 0.9 million and 0.1 million shares, respectively, issuable under the Company’s stock compensation plans because their effect would be antidilutive.

The Board of Directors authorized a stock repurchase program which provides for aggregate repurchases of the Company’s common stock of up to $1.3 billion. Under this program, the Company had approximately $330 million available at March 31, 2023. Under the repurchase authorization, the Company may repurchase, from time to time, common stock in amounts, at prices and at such times as the Company deems appropriate, subject to market conditions and other considerations. Repurchases may be executed using open market purchases, privately negotiated transactions, accelerated repurchase programs or other transactions. The Company is not required to purchase any specific number of shares or to make purchases by any certain date under this program.