Earnings Per Share

3 Months Ended

Mar. 31, 2016

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 March 31
	2016		2015
Numerator (in millions):
Net income available to common stockholders	$	18.9	$	17.9

Denominator (in thousands):
Weighted average common shares outstanding		24,019		24,301
Dilutive effect of stock options and awards		464		507

Denominator for diluted earnings per share		24,483		24,808

Net income per share, basic:	$	0.79	$	0.74

Net income per share, diluted:	$	0.77	$	0.72

In the three months ended March 31, 2016, the average number of anti-dilutive options excluded from the calculation of diluted earnings per share was 0 (three months ended March 31, 2015 – 33,734).