Earnings Per Share

9 Months Ended

Sep. 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 September 30				Nine months ended September 30
	2022		2021		2022		2021
Numerator (in millions):
Net income available to common stockholders	$	38.7	$	23.4	$	107.5	$	69.2

Denominator (in thousands):
Weighted average common shares outstanding		24,786		24,643		24,794		24,624
Dilutive effect of stock options and awards		179		221		182		248

Denominator for diluted earnings per share		24,965		24,864		24,976		24,872

Net income per share, basic:	$	1.56	$	0.95	$	4.34	$	2.81

Net income per share, diluted:	$	1.55	$	0.94	$	4.30	$	2.78

In the three and nine months ended September 30, 2022, the average number of anti-dilutive options excluded from the calculation of diluted earnings per share were 109,377 and 54,522, respectively (three and nine months ended September 30, 2021 – 19,191 and 14,649, respectively).