Earnings per Share

3 Months Ended

Mar. 31, 2018

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. Per share amounts are computed as follows:


	Three Months Ended March 31
	2018		2017
Numerator (in millions):
Net income available to common stockholders	$	22.2	$	17.2

Denominator (in thousands):
Weighted average common shares outstanding		24,369		24,087
Dilutive effect of stock options and awards		205		440

Denominator for diluted earnings per share		24,574		24,527

Net income per share, basic:	$	0.91	$	0.71

Net income per share, diluted:	$	0.90	$	0.70

In the three months ended March 31, 2018, the average number of anti-dilutive options excluded from the calculation of diluted earnings per share were 18,468 (three months ended March 31, 2017 – 9,422).