Earnings Per Share

9 Months Ended

Sep. 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 September 30				Nine Months Ended September 30
	2016		2015		2016		2015
Numerator (in millions):
Net income available to common stockholders	$	11.4	$	35.6	$	59.2	$	88.0


Denominator (in thousands):
Weighted average common shares outstanding		23,977		24,121		23,989		24,162
Dilutive effect of stock options and awards		499		490		473		498

Denominator for diluted earnings per share		24,476		24,611		24,462		24,660


Net income per share, basic:	$	0.48	$	1.48	$	2.47	$	3.64

Net income per share, diluted:	$	0.47	$	1.45	$	2.42	$	3.57

In the three and nine months ended September 30, 2016, the average number of anti-dilutive options excluded from the calculation of diluted earnings per share were 0 and 0, respectively (three and nine months ended September 30, 2015 – 21,959 and 21,959, respectively).