Earnings Per Share

Basic earnings per common share is computed by dividing net income available to common stockholders by the weighted average of common shares outstanding during the period. Diluted earnings per common share adjusts basic earnings per common share for the effects of stock options and restricted stock in the periods where such items are dilutive.

Upon the completion of the most recent repurchase plan authorized by the Murphy USA Inc. Board of Directors in December 2017, the Company remains committed to share repurchases under quarterly allocations in line with its past practice, subject to market conditions and cash availability. There were no share repurchases during the third quarter of 2018 and for the nine months ended September 30, 2018, the Company acquired 1,994,632 shares of common stock for an average price of $72.39 per share including brokerage fees.

The following table provides a reconciliation of basic and diluted earnings per share computations for the three and nine months ended September 30, 2018 and 2017:



	Three Months Ended September 30,				Nine Months Ended September 30,
(Millions of dollars, except share amounts)	2018		2017		2018		2017
Earnings per common share:
Net income (loss) per share - basic
Net income (loss) attributable to common stockholders	$	45.0	$	67.9	$	136.1	$	120.4

Weighted average common shares outstanding (in thousands)	32,213		35,423		32,815		36,253

Earnings per common share	$	1.40	$	1.92	$	4.15	$	3.32



Earnings per common share - assuming dilution:
Net income (loss) per share - diluted
Net income (loss) attributable to common stockholders	$	45.0	$	67.9	$	136.1	$	120.4

Weighted average common shares outstanding (in thousands)	32,213		35,423		32,815		36,253
Common equivalent shares:
Dilutive share-based awards	323		322		327		326
Weighted average common shares outstanding - assuming dilution (in thousands)	32,536		35,745		33,142		36,579

Earnings per common share assuming dilution	$	1.38	$	1.90	$	4.11	$	3.29

We have excluded from the earnings-per-share calculation certain stock options and shares that are considered to be anti-dilutive under the treasury stock method. For the reported periods, the number of time-based restricted stock units, performance based units and non-qualified stock options that are excluded due to their anti-dilutive nature is immaterial.