Earnings Per Share

9 Months Ended

Sep. 30, 2025

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,
	2025		2024		2025		2024
Numerator (in millions):
Net income available to common stockholders	$	12.9	$	33.4	$	69.2	$	106.0
Denominator (in thousands):
Weighted average common shares outstanding		24,834		24,941		24,914		24,926
Dilutive effect of stock options and awards		75		160		131		177
Denominator for diluted earnings per share		24,909		25,101		25,045		25,103
Net income per share, basic:	$	0.52	$	1.34	$	2.78	$	4.25
Net income per share, diluted:	$	0.52	$	1.33	$	2.76	$	4.22

In the three and nine months ended September 30, 2025, the average number of anti-dilutive options excluded from the calculation of diluted earnings per share were 57,824 and 23,875 (three and nine months ended September 30, 2024– 10,436 and 10,436).