Earnings per Share

9 Months Ended

Sep. 30, 2018

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
	2018		2017		2018		2017
Numerator (in millions):
Net income available to common stockholders	$	20.6	$	23.3	$	64.6	$	66.6

Denominator (in thousands):
Weighted average common shares outstanding		24,419		24,137		24,399		24,119
Dilutive effect of stock options and awards		178		428		181		450

Denominator for diluted earnings per share		24,597		24,565		24,580		24,569

Net income per share, basic:	$	0.84	$	0.97	$	2.65	$	2.76

Net income per share, diluted:	$	0.84	$	0.95	$	2.63	$	2.71

In the three and nine months ended September 30, 2018, 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, 2017 – 18,843 and 18,843, respectively).