Earnings Per Share

6 Months Ended

Jun. 30, 2015

NOTE 3 – EARNINGS PER SHARE

Basic earnings per share is based on the weighted average number of common shares outstanding during the period. Diluted earnings per share includes the effect of options that are dilutive and outstanding during the period. Per share amounts are computed as follows:


	Three Months Ended June 30				Six Months Ended June 30
	2015		2014		2015		2014
Numerator (in millions):
Net income available to common stockholders	$	34.5	$	18.5	$	52.4	$	35.4

Denominator (in thousands):
Weighted average common shares outstanding		24,202		24,401		24,251		24,382
Dilutive effect of stock options and awards		469		271		510		250

Denominator for diluted earnings per share		24,671		24,672		24,761		24,632

Net income per share, basic:	$	1.43	$	0.76	$	2.16	$	1.45

Net income per share, diluted:	$	1.40	$	0.75	$	2.12	$	1.44

In the three and six months ended June 30, 2015, the average number of anti-dilutive options excluded from the calculation of diluted earnings per share were 21,959 and 33,734 respectively (three and six months ended June 30, 2014–16,097 and 8,049 respectively).