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Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
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 September 30,

 

 

Nine Months Ended June 30,

 

 

2025

 

 

2024
As Adjusted1

 

 

2025

 

 

2024
As Adjusted1

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common shareholders2

 

$

39.5

 

 

$

8.8

 

 

$

84.3

 

 

$

45.9

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

16,192

 

 

 

16,087

 

 

 

16,156

 

 

 

16,062

 

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

 

 

420

 

 

 

248

 

 

 

355

 

 

 

229

 

Diluted

 

 

16,612

 

 

 

16,335

 

 

 

16,511

 

 

 

16,291

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share, Basic:

 

$

2.44

 

 

$

0.54

 

 

$

5.22

 

 

$

2.85

 

Net income per common share, Diluted:

 

$

2.38

 

 

$

0.54

 

 

$

5.10

 

 

$

2.81

 

 

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 nine months ended September 30, 2025 approximately 1 and 196 shares, respectively, were excluded from the weighted-average diluted shares computation as their inclusion would have been anti‑dilutive. For the quarter and nine months ended September 30, 2024, approximately 120 and 700 shares, respectively, were excluded from the weighted-average diluted shares computation as their inclusion would have been anti‑dilutive.