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Earnings per Share

9 Months Ended

Sep. 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 September 30				Nine Months Ended September 30
	2019		2018		2019		2018
Numerator (in millions):
Net income available to common stockholders	$	30.1	$	20.6	$	81.1	$	64.6

Denominator (in thousands):
Weighted average common shares outstanding		24,491		24,419		24,476		24,399
Dilutive effect of stock options and awards		224		178		224		181

Denominator for diluted earnings per share		24,715		24,597		24,700		24,580

Net income per share, basic:	$	1.23	$	0.84	$	3.31	$	2.65

Net income per share, diluted:	$	1.22	$	0.84	$	3.28	$	2.63

In the three and nine months ended September 30, 2019, the average number of anti-dilutive options excluded from the calculation of diluted earnings per share were 12,539 and 6,270, respectively (three and nine months ended September 30, 2018 – 0 and 0, respectively).