The following is a reconciliation of the number of shares and share equivalents used to calculate basic and diluted earnings per share (in millions, except per share amounts):
Year Ended December 31,
202520242023
Net income $113.5 $175.2 $219.3 
Weighted-average number of common shares outstanding - basic43.4 45.2 48.3 
Dilutive effect of common share equivalents0.2 0.5 0.4 
Weighted-average number of common shares and share equivalents outstanding - diluted43.6 45.7 48.7 
Earnings per share:
Basic$2.62 $3.88 $4.54 
Diluted$2.60 $3.83 $4.50 

Historical Timeline

Fiscal YearFiled
2025Feb 25, 2026Showing above
2024Feb 24, 2025
2023Feb 23, 2024
2022Feb 27, 2023
2021Mar 1, 2022
2020Mar 1, 2021
2019Mar 2, 2020
2018Mar 1, 2019
2017Mar 1, 2018
2016Mar 1, 2017
2015Feb 29, 2016

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.