Earnings Per Share

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

Basic and diluted earnings per share were calculated as follows, for each period presented:

	Quarter Ended				Six Months Ended
	June 30,				2013
	2013		2012		2013		2012
Numerator:
Net income	$	18.6	$	21.0	$	52.1	$	47.5
Denominator — Weighted-average common shares outstanding (in thousands)1:
Basic	18,742		19,137		19,027		19,087
Add: dilutive effect of restricted stock, restricted stock units and performance shares	112		63		135		83
Add: dilutive effect of warrants	91		—		94		—
Diluted	18,945		19,200		19,256		19,170
Earnings per common share, Basic:
Net income per share	$	0.99	$	1.10	$	2.73	$	2.49
Earnings per common share, Diluted:
Net income per share	$	0.98	$	1.09	$	2.70	$	2.48

______________________

¹  The basic weighted-average number of common shares outstanding during the period excludes unvested share-based payment awards. The diluted weighted-average number of common shares outstanding during the period is calculated using the treasury method.

Options to purchase 20,791 common shares at an average exercise price of $80.01 per share were outstanding at both June 30, 2013 and December 31, 2012. The potential dilutive effect of options outstanding was zero for each of the periods presented. Warrants relating to approximately 3.6 million common shares at an average exercise price of approximately $61.19 per share at June 30, 2013 were outstanding.

During the six months ended June 30, 2013 and June 30, 2012, the Company paid approximately $11.6 ($0.60 per common share) and $9.8 ($0.50 per common share), respectively, in cash dividends to stockholders, including the holders of restricted stock, and dividend equivalents to the holders of restricted stock units and to the holders of performance shares with respect to approximately one-half of the performance shares.

In June 2008, our Board of Directors authorized the repurchase of up to $75.0 of our common shares of which $46.9 remained available at December 31, 2012. Our Board of Directors authorized an additional $75.0 under this program in April 2013. Repurchase transactions will occur at such times and prices as management deems appropriate and will be funded with the Company’s excess liquidity after giving consideration to internal and external growth opportunities and future cash flows. Repurchases may be in open-market transactions or in privately negotiated transactions, and the program may be modified or terminated by the Company’s Board of Directors at any time.

At June 30, 2013, $81.4 was available to repurchase the Company’s common shares pursuant to the stock repurchase program. The Company repurchased 654,277 shares of common stock at a weighted-average price of $61.95 per share pursuant to this authorization during the six months ended June 30, 2013. The total cost of $40.5 was recorded as Treasury Stock.