Earnings per Share

6 Months Ended

Jun. 30, 2021

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
	2021		2020			2021		2020
Numerator (in millions):
Net income/(loss) available to common stockholders	$	22.4	$	(39.7	)	$	45.8	$	(6.6	)

Denominator (in thousands):
Weighted average common shares outstanding		24,628		24,564			24,615		24,547
Dilutive effect of stock options and awards		241		0			241		0

Denominator for diluted earnings per share		24,869		24,564			24,856		24,547

Net income/(loss) per share, basic:	$	0.91	$	(1.62	)	$	1.86	$	(0.27	)

Net income/(loss) per share, diluted:	$	0.90	$	(1.62	)	$	1.84	$	(0.27	)

In the three and six months ended June 30, 2021, the average number of anti-dilutive options excluded from the calculation of diluted earnings per share were 19,836 and 14,649, respectively (three and six months ended June 30, 2020 – 0 and 0, respectively).