Net (Loss) Income Per Share

Basic and diluted net (loss) income per share for 2015, 2014 and 2013 were calculated as follows (in millions of dollars, except share and per share amounts):



	Year Ended December 31,
	2015			2014		2013
Numerator:
Net (loss) income	$	(236.6	)	$	71.8	$	104.8
Denominator – Weighted-average common shares outstanding (in thousands):
Basic¹	17,201			17,818		18,827
Add: dilutive effect of non-vested common shares, restricted stock units and performance shares	—			179		178
Add: dilutive effect of warrants	—			596		241
Diluted²	17,201			18,593		19,246

Net (loss) income per common share, Basic:	$	(13.76	)	$	4.02	$	5.56
Net (loss) income per common share, Diluted:	$	(13.76	)	$	3.86	$	5.44

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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.

There were 16,645 fully-vested options outstanding at both December 31, 2015 and December 31, 2014, in each case exercisable to purchase common shares at $80.01 per share.

Warrants relating to approximately 3.7 million common shares which were outstanding at December 31, 2014 settled during a period from July 1, 2015 through December 18, 2015. Upon settlement, each Warrant holder received a number of shares of our common stock equal to (a) the number of notional shares associated with each Warrant settling on such date multiplied by (b)(i) the excess (if any) of the volume weighted average price of our common stock on each exercise date over the then effective strike price of the Warrants divided by (ii) such volume-weighted average price of our common stock. The exercise price of the Warrants declined over the settlement period from $60.44 to $60.20 per share. As a result of the Warrant settlements, we issued 1,015,185 shares of our common stock and paid a de minimis amount in cash in lieu of fractional shares. See Note 3 for additional information relating to the Warrants.

The following securities were excluded from the weighted-average diluted shares computation for 2015, 2014 and 2013 as their inclusion would have been anti-dilutive (in thousands of shares):



	Year Ended December 31,
	2015	2014	2013
Options to purchase common shares	—	17	21
Non-vested common shares, restricted stock units and performance shares	302	—	—
Warrants	639	—	—
Total excluded	941	17	21

During 2015, 2014 and 2013, we paid a total of approximately $28.1 million ($1.60 per common share), $25.4 million ($1.40 per common share) and $23.0 million ($1.20 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 million of cash dividends paid in respect of our common shares held in trust by a third-party, as well as 9,001 of such common shares, were returned to us. The fair market value of the shares was included in Other (expense) income, net (see Note 15).

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, among other things, 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.

In 2015 and 2014, we repurchased 647,520 and 633,230 shares of common stock at a weighted-average price of $76.35 and $70.87 per share, respectively, pursuant to the stock repurchase program. The total cost of $49.4 million and $44.9 million was recorded as Treasury stock as of December 31, 2015 and December 31, 2014, respectively. At December 31, 2015 and December 31, 2014, $123.3 million and $72.8 million, respectively, were available to repurchase our common shares pursuant to the stock repurchase program.