Earnings Per Share

9 Months Ended

Sep. 30, 2023

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,
	2023		2022		2023		2022
Numerator (in millions):
Net income available to common stockholders	$	39.2	$	38.7	$	101.3	$	107.5
Denominator (in thousands):
Weighted average common shares outstanding		24,866		24,786		24,845		24,794
Dilutive effect of stock options and awards		140		179		155		182
Denominator for diluted earnings per share		25,006		24,965		25,000		24,976
Net income per share, basic:	$	1.58	$	1.56	$	4.08	$	4.34
Net income per share, diluted:	$	1.57	$	1.55	$	4.05	$	4.30

In the three and nine months ended September 30, 2023, the average number of anti-dilutive options excluded from the calculation of diluted earnings per share were 21,950 and 29,293, respectively (three and nine months ended September 30, 2022 – 109,377 and 54,522, respectively).