Earnings Per Share

6 Months Ended

Jun. 30, 2022

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
	2022		2021		2022		2021
Numerator (in millions):
Net income available to common stockholders	$	32.3	$	22.4	$	68.8	$	45.8

Denominator (in thousands):
Weighted average common shares outstanding		24,805		24,628		24,798		24,615
Dilutive effect of stock options and awards		166		241		169		241

Denominator for diluted earnings per share		24,971		24,869		24,967		24,856

Net income per share, basic:	$	1.30	$	0.91	$	2.77	$	1.86

Net income per share, diluted:	$	1.29	$	0.90	$	2.76	$	1.84

In the three and six months ended June 30, 2022, the average number of anti-dilutive options excluded from the calculation of diluted earnings per share were 29,600 and 27,094, respectively (three and six months ended June 30, 2021 – 19,836 and 14,649, respectively).