Earnings per common share

12 Months Ended

Dec. 31, 2017

Earnings per common share

Earnings per common share

21.          Earnings per common share:

The following table outlines the calculation of basic earnings per common share:

	For the year ended
	December 31,
	2017		2016
Net earnings	$	100.4	$	105.6
Weighted average number of common shares outstanding		41,140,321		36,306,880
Deferred share units outstanding		68,007		70,476
Weighted average number of common shares outstanding - basic		41,208,328		36,377,356
Earnings per common share - basic	$	2.44	$	2.90

The following table outlines the calculation of diluted earnings per common share:

	For the year ended
	December 31,
	2017		2016
Net earnings - basic	$	100.4	$	105.6
Effect of potentially dilutive share appreciation rights		—		(2.4)
Net earnings - dilutive		100.4		103.2
Weighted average number of common shares outstanding - basic		41,208,328		36,377,356
Effect of potentially dilutive share appreciation rights		24,743		140,136
Effect of restricted share units		76,810		—
Weighted average number of common shares outstanding - diluted		41,309,881		36,517,492
Earnings per common share - diluted	$	2.43	$	2.83

As at December 31, 2017, 4,501,000 share appreciation rights (December 31, 2016 - 3,665,000) were excluded from the diluted weighted average number of ordinary shares calculation because their effect would have been anti-dilutive.