Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Computation of Basic and Diluted Net Income Per Share

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

Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.

Represents Net income less distributed and undistributed earnings allocated to non-vested restricted stock awards that contain non-forfeitable rights to dividends.

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.