Net Income Per Share

6 Months Ended

Jun. 30, 2023

NET INCOME PER SHARE

Basic net income per share is calculated by dividing net income by the weighted average number of shares of common stock outstanding during the period. In calculating diluted net income per share, the number of shares is increased by the weighted average number of potential common shares related to stock compensation awards including restricted stock, stock options, stock appreciation rights and notional stock units, and the warrant. No dilutive effect is recognized in a period in which a net loss has occurred.

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,
	2023		2022		2023		2022
Numerator (in millions):
Net income	$	12.7	$	37.4	$	19.9	$	37.0




Denominator (in thousands):
Average common shares outstanding - basic	15,161		14,587		15,002		14,567
Potentially dilutive shares related to stock compensation awards and warrant	208		289		304		336
Average common shares outstanding - diluted	15,369		14,876		15,306		14,903

Net income per share (in dollars):
Basic	$	0.84	$	2.56	$	1.33	$	2.54
Diluted	$	0.83	$	2.51	$	1.30	$	2.48

Common stock equivalents excluded from the diluted calculation because they would have been antidilutive (in thousands)	5		4		2		—