Per Share

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



	Quarter Ended				Six Months Ended
	June 30,				June 30,
	2015		2014		2015			2014
Numerator:
Net income (loss)	$	20.2	$	24.5	$	(272.0	)	$	40.3
Denominator - Weighted-average common shares outstanding (in thousands):
Basic¹	17,006		17,841		17,233			17,889
Add: dilutive effect of non-vested common shares, restricted stock units and performance shares	247		112		—			133
Add: dilutive effect of warrants	939		505		—			490
Diluted²	18,192		18,458		17,233			18,512

Net income (loss) per common share, Basic:	$	1.19	$	1.38	$	(15.78	)	$	2.25
Net income (loss) per common share, Diluted:	$	1.11	$	1.33	$	(15.78	)	$	2.18

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


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

Warrants relating to approximately 3.7 million and 3.6 million notional common shares were outstanding at June 30, 2015 (at an exercise price of approximately $60.44 per share) and June 30, 2014 (at an exercise price of approximately $60.89 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. As of July 1, 2015, the Warrants began settling ratably over the subsequent 120 trading day period. If the Warrants had all been settled on June 30, 2015 or June 30, 2014, the number of our common shares issued using our average stock price for the quarter would have been 939,221 or 505,151, respectively. See Note 16 for additional information relating to the settlement of our Warrants beginning on July 1, 2015.

The following securities were excluded from the weighted-average diluted shares computation for the quarters ended June 30, 2015 and June 30, 2014 as their inclusion would have been anti-dilutive (in thousands of shares):



	Quarter Ended		Six Months Ended
	June 30,		June 30,
	2015	2014	2015	2014
Options to purchase common shares	—	21	17	21
Non-vested common shares, restricted stock units and performance shares	—	43	243	28
Warrants	—	—	799	—
Total excluded	—	64	1,059	49

During the six months ended June 30, 2015 and June 30, 2014, we paid a total of approximately $14.0 million ($0.80 per common share) and $12.8 million ($0.70 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 six months ended June 30, 2015 and June 30, 2014, we repurchased 552,454 shares of common stock (at a weighted-average price of $75.21 per share) and 346,781 shares of common stock (at a weighted-average price of $69.25 per share), respectively, pursuant to the stock repurchase program. The total cost of $41.5 million and $24.0 million was recorded as Treasury stock at June 30, 2015 and June 30, 2014, respectively. At June 30, 2015, $131.2 million were available for the repurchase of our common shares under the stock repurchase program.