Earnings per Share

3 Months Ended

Mar. 31, 2020

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
	2020		2019
Numerator (in millions):
Net income available to common stockholders	$	33.1	$	28.7
Denominator (in thousands):
Weighted average common shares outstanding		24,529		24,437
Dilutive effect of stock options and awards		213		157
Denominator for diluted earnings per share		24,742		24,594
Net income per share, basic:	$	1.35	$	1.17
Net income per share, diluted:	$	1.34	$	1.17

In the three months ended March 31, 2020, the average number of anti-dilutive options excluded from the calculation of diluted earnings per share was 17,636 (three months ended March 31, 2019 – 12,539).