Net Income Per Share (Tables)

6 Months Ended

Jun. 30, 2022

The weighted average number of common and common equivalent shares used in the calculation of basic and diluted income per share are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Numerator (in millions):
Net income	$	37.4	$	11.6	$	37.0	$	16.7
Less: Preferred stock dividends - undeclared and cumulative	—		0.7		—		1.4
Less: Distributed earnings allocable to retired preferred shares	—		—		—		6.6
Net income allocable to common stockholders	$	37.4	$	10.9	$	37.0	$	8.7

Denominator (in thousands):
Average common shares outstanding - basic	14,587		13,443		14,567		13,132
Potentially dilutive shares related to stock options, restricted stock units, and warrant (a)	289		300		336		320
Average common shares outstanding - diluted	14,876		13,743		14,903		13,452

Net income per share (in dollars):
Basic	$	2.56	$	0.81	$	2.54	$	0.66
Diluted	$	2.51	$	0.79	$	2.48	$	0.65

(a) Common stock equivalents excluded from the diluted calculation because they would have been antidilutive (in thousands)	4		—		—		—