Per Share

Basic and diluted net (loss) income per share were calculated as follows, for each period presented (in millions of dollars, except share and per share amounts):



	Quarter Ended
	March 31,
	2015			2014
Numerator:
Net (loss) income	$	(292.2	)	$	15.8
Denominator - Weighted-average common shares outstanding (in thousands):
Basic¹	17,344			17,921
Add: dilutive effect of non-vested common shares, restricted stock units and performance shares	—			122
Add: dilutive effect of warrants	—			471
Diluted²	17,344			18,514

Net (loss) income per common share, Basic:	$	(16.85	)	$	0.88
Net (loss) income per common share, Diluted:	$	(16.85	)	$	0.85

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


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

There were 16,645 fully-vested options outstanding as of both March 31, 2015 and December 31, 2014, 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 for the quarter ended March 31, 2015 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 notional common shares were outstanding at March 31, 2015 (at an exercise price of approximately $60.57 per share) and March 31, 2014 (at an exercise price of approximately $60.98 per share), respectively. The Warrants are net-share-settled, such that, when settled, only the value represented by the market price per share of our common stock in excess of the exercise price of the Warrants will be paid to the Warrant holders in shares of our common stock. The value of the Warrants on any settlement date will equal the greater of zero or (a) the number of notional shares settling on that date multiplied by (b) the difference of (i) the market price per share of our common stock on that settlement date less (ii) the exercise price of the Warrants. To determine the number of common shares issued when Warrants are settled, the value of the Warrants on that settlement date will be divided by the market price per share of our common stock on that settlement date. The Warrants will settle ratably over a 120 trading day period beginning on July 1, 2015. If the Warrants had all been settled on March 31, 2015 or March 31, 2014, the number of our common shares issued would have been 635,708 or 470,735, respectively.

The following securities were excluded from the weighted-average diluted shares computation for the quarters ended March 31, 2015 and March 31, 2014 as their inclusion would have been anti-dilutive (in thousands of shares):



	Quarter Ended
	March 31,
	2015	2014
Options to purchase common shares	17	21
Non-vested common shares, restricted stock units and performance shares	187	14
Warrants	636	—
Total excluded	840	35

During the quarters ended March 31, 2015 and March 31, 2014, we paid a total of approximately $7.1 million ($0.40 per common share) and $6.4 million ($0.35 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).

From time to time, we repurchase shares pursuant to a stock repurchase program authorized by our Board of Directors. Repurchase transactions will occur at such times and prices as management deems appropriate and will be funded with our 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 our Board of Directors at any time.

During the quarters ended March 31, 2015 and March 31, 2014, we repurchased 405,259 shares of common stock (at a weighted-average price of $74.05 per share) and 184,400 shares of common stock (at a weighted-average price of $69.07 per share), respectively, pursuant to the stock repurchase program. The total cost of $30.0 million and $12.7 million was recorded as Treasury stock at March 31, 2015 and March 31, 2014, respectively. At March 31, 2015 and December 31, 2014, $42.7 million and $72.8 million, respectively, were available for the repurchase of our common shares under the stock repurchase program.