Earnings Per Share

6 Months Ended

Jun. 30, 2014

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,				June 30,
	2014		2013		2014		2013
Numerator:
Net income	$	24.5	$	18.6	$	40.3	$	52.1
Denominator — Weighted-average common shares outstanding (in thousands):
Basic1	17,841		18,742		17,889		19,027
Add: dilutive effect of non-vested common shares, restricted stock units and performance shares	112		112		133		135
Add: dilutive effect of warrants	505		91		490		94
Diluted2	18,458		18,945		18,512		19,256
Earnings per common share, Basic:
Net income per share	$	1.38	$	0.99	$	2.25	$	2.73
Earnings per common share, Diluted:
Net income per share	$	1.33	$	0.98	$	2.18	$	2.70

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¹  The basic weighted-average number of common shares outstanding during the period excludes non-vested common shares, restricted stock units, performance shares and market-based shares.

²  The diluted weighted-average number of common shares outstanding during the periods were 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, 2014 and December 31, 2013. The number of potentially dilutive stock options were excluded from the computation of diluted net income per share as their effect would have been anti-dilutive for each of the periods presented.

Warrants relating to approximately 3.6 million common shares were outstanding at both June 30, 2014 (at which date the average exercise price was approximately $60.89 per share) and June 30, 2013 (at which date the average exercise price was approximately $61.19 per share).

During the six months ended June 30, 2014 and June 30, 2013, the Company paid approximately $12.8 ($0.70 per common share) and $11.6 ($0.60 per common share), respectively, in cash dividends to stockholders, including the holders of non-vested common shares, and dividend equivalents to the holders of certain restricted stock units and to the holders of performance shares with respect to approximately one-half of the performance shares.

From time to time, the Company repurchases shares pursuant to a stock repurchase program authorized by the Company’s Board of Directors. 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.

During the six months ended June 30, 2014 and June 30, 2013, the Company repurchased 346,781 shares of common stock (at a weighted-average price of $69.25 per share) and 654,277 shares of common stock (at a weighted-average price of $61.95 per share), respectively, pursuant to the stock repurchase program. The total cost of $24.0 and $40.5 was recorded as Treasury Stock at June 30, 2014 and June 30, 2013, respectively. At June 30, 2014 and December 31, 2013, $93.6 and $117.6, respectively, were available to repurchase the Company’s common shares pursuant to the stock repurchase program.