NET INCOME (LOSS) PER COMMON SHARE

Basic net income (loss) per common share is calculated by dividing income (loss) allocable to common stockholders by the weighted average number of shares of common stock outstanding during the period. In calculating diluted net income (loss) per common share, the number of shares is increased by the weighted average number of potential shares related to stock compensation awards. No dilutive effect is recognized in a period in which a net loss has occurred.



	Three Months Ended March 31,
	2018			2017
Net income (loss) allocable to common stockholders (in millions)	$	(27.0	)	$	6.6

Shares in thousands:
Average common shares outstanding - basic	9,103			9,063
Potentially dilutive shares related to stock options^(a)	—			111
Average common shares outstanding - diluted	9,103			9,174

Net income (loss) per common share (in dollars):
Basic	$	(2.97	)	$	0.73
Diluted	$	(2.97	)	$	0.72


(a)	For the three months ended March 31, 2018, common stock equivalents of less than 0.1 million shares are excluded from the diluted calculation as a result of the net loss. Common stock equivalents related to stock options were less than 0.1 million shares for the three months ended March 31, 2017.

Options outstanding and considered anti-dilutive as their exercise price exceeded the average share market price totaled 0.4 million shares and 0 shares for the three months ended March 31, 2018 and 2017, respectively.