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Earnings per Share

3 Months Ended

Mar. 31, 2019

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
	2019		2018
Numerator (in millions):
Net income available to common stockholders	$	28.7	$	22.2
Denominator (in thousands):
Weighted average common shares outstanding		24,437		24,369
Dilutive effect of stock options and awards		157		205
Denominator for diluted earnings per share		24,594		24,574
Net income per share, basic:	$	1.17	$	0.91
Net income per share, diluted:	$	1.17	$	0.90

In the three months ended March 31, 2019, the average number of anti-dilutive options excluded from the calculation of diluted earnings per share were 12,539 (three months ended March 31, 2018 – 18,468).