Earnings Per Share

6 Months Ended

Jun. 30, 2017

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
	2017		2016		2017		2016
Numerator (in millions):
Net income available to common stockholders	$	26.1	$	28.9	$	43.3	$	47.8

Denominator (in thousands):
Weighted average common shares outstanding		24,133		23,973		24,110		23,996
Dilutive effect of stock options and awards		422		470		448		466

Denominator for diluted earnings per share		24,555		24,443		24,558		24,462

Net income per share, basic:	$	1.08	$	1.21	$	1.80	$	1.99

Net income per share, diluted:	$	1.06	$	1.18	$	1.76	$	1.95

In the three and six months ended June 30, 2017, the average number of anti-dilutive options excluded from the calculation of diluted earnings per share were 18,843 and 18,843, respectively (three and six months ended June 30, 2016 – 471 and 471 respectively).