v3.25.1
Stockholders' Equity and Earnings Per Common Share
 3 Months Ended
Mar. 31, 2025
Stockholders' Equity and Earnings Per Common Share [Abstract]  
Earnings Per Share Disclosure
Earnings Per Common Share

Net income per common share is determined as follows:
 Three Months Ended March 31
 20252024
 (in millions of dollars, except share data)
Numerator
Net Income$189.1 $395.2 
Denominator (000s)
Weighted Average Common Shares - Basic178,291.5 192,550.2 
Dilution for Assumed Exercises of Nonvested Stock Awards590.9 716.9 
Weighted Average Common Shares - Assuming Dilution178,882.4 193,267.1 
Net Income Per Common Share
Basic$1.06 $2.05 
Assuming Dilution$1.06 $2.04 

We compute basic earnings per share by dividing net income by the weighted average number of common shares outstanding for the period. In computing earnings per share assuming dilution, we include potential common shares that are dilutive (those that reduce earnings per share). We use the treasury stock method to account for the effect of nonvested stock success units, and nonvested restricted stock units on the computation of diluted earnings per share. Under this method, the potential common shares from nonvested stock success units and nonvested restricted stock units will each have a dilutive effect, as individually measured, when the average market price of Unum Group common stock during the period exceeds the grant price of the nonvested stock success units and nonvested restricted stock units. The outstanding nonvested stock success units and nonvested restricted stock units have grant prices ranging from $18.78 to $83.04. Potential common shares not included in the computation of diluted earnings per share because the impact would be antidilutive, approximated 0.3 million and 0.5 million for the three months ended March 31, 2025 and 2024, respectively.
Stockholders' Equity Disclosure
Common Stock

As part of our capital deployment strategy, we may repurchase shares of Unum Group's common stock, as authorized by our board of directors. The timing and amount of repurchase activity is based on market conditions and other considerations, including the level of available cash, alternative uses for cash, and our stock price.

Our board of directors has authorized the following repurchase programs:
February 2025 Authorization
July 2024 Authorization1
October 2023 Authorization2
(in millions)
Effective Date
April 1, 2025August 1, 2024January 1, 2024
Expiration Date
NoneMarch 31, 2025July 31, 2024
Authorized Repurchase Amount
$1,000.0 $1,000.0 $500.0 
Cost of Shares Repurchased Under Repurchase Program
— 706.8 464.2 
Unused and Expired
— 293.2 35.8 
Remaining Repurchase Amount at March 31, 2025
Not yet effective$— $— 
1Concurrent with the announcement of the February 2025 repurchase program, we also announced the termination of the July 2024 program as of March 31, 2025, and all unused amounts under that program expired as of that date.
2Concurrent with the announcement of the July 2024 repurchase program, we also announced the termination of the October 2023 program as of July 31, 2024, and all unused amounts under that program expired as of that date.
Common stock repurchases, which are accounted for using the cost method and classified as treasury stock until otherwise retired, were as follows:
Three Months Ended March 31
20252024
(in millions)
Shares Repurchased1
3.3 2.5 
Cost of Shares Repurchased2
$202.6 $123.0 
1For the three months ended March 31, 2025, includes 0.7 million shares related to the settlement of the November 2024 accelerated share repurchase agreement (ASR) which occurred in February 2025.
2Includes $0.5 million and a de minimis amount of commissions for the three months ended March 31, 2025 and 2024, respectively. Also includes $2.1 million and $1.1 million of excise taxes for the three months ended March 31, 2025 and 2024, respectively.

As a part of our share repurchase program, we periodically enter into accelerated share repurchase agreements. Under the terms of these agreements, we make a prepayment to a financial counterparty for which we receive an initial delivery of approximately 75 percent of the total Unum Group common stock to be delivered under the agreement. We simultaneously enter into a forward contract indexed to the price of Unum Group common stock, which subjects the transactions to a future price adjustment. Under the terms of the agreements, we are to receive, or be required to pay, a price adjustment based on the volume weighted average price of Unum Group common stock during the term of the agreement, less a discount. Any price adjustment payable to us is settled in shares of Unum Group common stock. Any price adjustment we would be required to pay may be settled in either cash or common stock at our option. Details of our ASRs impacting the three months ended March 31, 2025 and 2024 are as follows:

Prepayment DatePrepayment AmountInitial Share DeliveryForward Contract Settlement DateShares Delivered to Settle Forward Contract
(in millions)
November 2024$321.03.8
February 20251
0.7
January 2024$100.01.6March 20240.5
1The final price adjustment settlement, along with the delivery of the remaining shares, occurred in February 2025, resulting in the delivery to us of 0.7 million additional shares. As a result of the final settlement occurring subsequent to December 31, 2024, we recorded a decrease of $80.3 million to additional paid-in capital within stockholders' equity on our consolidated balance sheet for the value of the shares held back by the counterparty as of December 31, 2024, which was reclassified to treasury stock in the first quarter of 2025 in connection with the final settlement of the agreement.

Preferred Stock

Unum Group has 25.0 million shares of preferred stock authorized with a par value of $0.10 per share. No preferred stock has been issued to date.