XML 29 R22.htm IDEA: XBRL DOCUMENT v3.25.2
Earnings Per Share
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Earnings Per Share

11. Earnings Per Share

Basic net income per share is computed by dividing distributed and undistributed net income allocable to common shares by the weighted-average number of common shares outstanding during the applicable period. The basic weighted-average number of common shares outstanding during the period excludes non-vested share-based payment awards. Basic and diluted net income per share was calculated under the two-class method for the quarters and six months ended June 30, 2025 and June 30, 2024.

The following table sets forth the computation of basic and diluted net income per share (in millions of dollars, except share and per share amounts):

 

 

 

Quarter Ended June 30,

 

 

Six Months Ended June 30,

 

 

2025

 

 

2024
As Adjusted1

 

 

2025

 

 

2024
As Adjusted1

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common shareholders2

 

$

23.2

 

 

$

18.9

 

 

$

44.8

 

 

$

37.1

 

Denominator – Weighted-average common shares outstanding (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

16,160

 

 

 

16,072

 

 

 

16,138

 

 

 

16,050

 

Add: dilutive effect of non-vested common shares, restricted stock units and performance shares3

 

 

319

 

 

 

326

 

 

 

319

 

 

 

271

 

Diluted

 

 

16,479

 

 

 

16,398

 

 

 

16,457

 

 

 

16,321

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share, Basic:

 

$

1.44

 

 

$

1.18

 

 

$

2.77

 

 

$

2.31

 

Net income per common share, Diluted:

 

$

1.41

 

 

$

1.15

 

 

$

2.72

 

 

$

2.27

 
1.
Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
2.
Represents Net income less distributed and undistributed earnings allocated to non-vested restricted stock awards that contain non-forfeitable rights to dividends.
3.
Quantities in the following discussion are denoted in whole shares. During the quarter and six months ended June 30, 2025 approximately 565 and 241 shares, respectively, were excluded from the weighted-average diluted shares computation as their inclusion would have been anti‑dilutive. For the quarter and six months ended June 30, 2024, approximately 170 and 370 shares, respectively, were excluded from the weighted-average diluted shares computation as their inclusion would have been anti‑dilutive.