Earnings Per Share

6 Months Ended

Jun. 30, 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 June 30				Six Months Ended June 30
	2016		2015		2016		2015
Numerator (in millions):
Net income available to common stockholders	$	28.9	$	34.5	$	47.8	$	52.4

Denominator (in thousands):
Weighted average common shares outstanding		23,973		24,202		23,996		24,251
Dilutive effect of stock options and awards		470		469		466		510

Denominator for diluted earnings per share		24,443		24,671		24,462		24,761

Net income per share, basic:	$	1.21	$	1.43	$	1.99	$	2.16

Net income per share, diluted:	$	1.18	$	1.40	$	1.95	$	2.12

In the three and six months ended June 30, 2016, the average number of anti-dilutive options excluded from the calculation of diluted earnings per share were 471 and 471, respectively (three and six months ended June 30, 2015 – 21,959 and 33,734, respectively).