Earnings Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings per Share

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 March 31,
	2023		2022
Numerator (in millions):
Net income available to common stockholders	$	33.2	$	36.5
Denominator (in thousands):
Weighted average common shares outstanding		24,801		24,791
Dilutive effect of stock options and awards		161		165
Denominator for diluted earnings per share		24,962		24,956
Net income per share, basic:	$	1.34	$	1.47
Net income per share, diluted:	$	1.33	$	1.46

In the three months ended March 31, 2023, the average number of anti-dilutive options excluded from the calculation of diluted earnings per share were 25,783 (three months ended March 31, 2022 – 38,825).