Net Income Per Share

Basic and diluted net income per share for 2014, 2013 and 2012 were calculated as follows:



	Year Ended December 31,
	2014		2013		2012
Numerator:
Net income	$	71.8	$	104.8	$	85.8
Denominator - Weighted-average common shares outstanding (in thousands):
Basic¹	17,818		18,827		19,115
Add: dilutive effect of non-vested common shares, restricted stock units and performance shares	179		178		163
Add: dilutive effect of warrants	596		241		—
Diluted²	18,593		19,246		19,278

Net income per common share, Basic:	$	4.02	$	5.56	$	4.49
Net income per common share, Diluted:	$	3.86	$	5.44	$	4.45

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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 and performance shares.


²	The diluted weighted-average number of common shares outstanding during the periods were calculated using the treasury method.

There were 16,645 and 20,791 fully-vested options outstanding as of December 31, 2014 and December 31, 2013, respectively, in each case exercisable to purchase common shares at $80.01 per share. 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 3.7 million and 3.6 million common shares were outstanding at December 31, 2014 (at an average exercise price of approximately $60.70 per share) and December 31, 2013 (at an average exercise price of approximately $61.08 per share), respectively.

During 2014, 2013 and 2012, the Company paid a total of approximately $25.4 ($1.40 per common share), $23.0 ($1.20 per common share) and $19.6 ($1.00 per common share), respectively, in cash dividends to stockholders, including the holders of restricted stock and dividend equivalents to the holders of certain restricted stock units and to the holders of performance shares granted prior to 2014 with respect to the target number of underlying common shares (constituting approximately one-half of the maximum payout). Additionally, during the third quarter of 2013, $0.6 of cash dividends paid in respect of common shares of the Company held in trust by a third-party, as well as 9,001 such common shares were returned to the Company. The fair market value of the shares was included in Other income, net (see Note 15).

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.

In 2014 and 2013, the Company repurchased 633,230 and 1,232,077 shares of common stock at a weighted-average price of $70.87 and $64.35 per share, respectively, pursuant to the stock repurchase program. The total cost of $44.9 and $79.3 was recorded as Treasury stock as of December 31, 2014 and December 31, 2013, respectively. The Company purchased no shares under this program during 2012. At December 31, 2014 and December 31, 2013, $72.8 and $117.6, respectively, were available to repurchase the Company’s common shares pursuant to the stock repurchase program.