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Earnings per Share

6 Months Ended

Jun. 30, 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 under the treasury stock method. Per share amounts are computed as follows:


	Three Months Ended June 30				Six Months Ended June 30
	2019		2018		2019		2018
Numerator (in millions):
Net income available to common stockholders	$	22.3	$	21.8	$	51.0	$	44.0

Denominator (in thousands):
Weighted average common shares outstanding		24,483		24,409		24,468		24,389
Dilutive effect of stock options and awards		195		182		203		195

Denominator for diluted earnings per share		24,678		24,591		24,671		24,584

Net income per share, basic:	$	0.91	$	0.89	$	2.08	$	1.80

Net income per share, diluted:	$	0.90	$	0.89	$	2.07	$	1.79

In the three and six months ended June 30, 2019, the average number of anti-dilutive options excluded from the calculation of diluted earnings per share were 12,539 and 212,095, respectively (three and six months ended June 30, 2018 – 0 and 0, respectively).