Earnings Per Share

9 Months Ended

Sep. 30, 2015

NOTE 4 – 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 September 30				Nine Months Ended September 30
	2015		2014		2015		2014
Numerator (in millions):
Net income available to common stockholders	$	35.6	$	20.8	$	88.0	$	56.2

Denominator (in thousands):
Weighted average common shares outstanding		24,121		24,420		24,162		24,394
Dilutive effect of stock options and awards		490		495		498		455

Denominator for diluted earnings per share		24,611		24,915		24,660		24,849

Net income per share, basic:	$	1.48	$	0.85	$	3.64	$	2.30

Net income per share, diluted:	$	1.45	$	0.83	$	3.57	$	2.26

In the three and nine months ended September 30, 2015, the average number of anti-dilutive options excluded from the calculation of diluted earnings per share were 21,959 and 21,959 respectively (three and nine months ended September 30, 2014 – 36,775 and 8,049 respectively).