Earnings Per Share

3 Months Ended

Mar. 31, 2016

Net Income (Loss) 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
	March 31,
	2016		2015
Numerator:
Net income (loss)	$	26.3	$	(292.2	)
Denominator – Weighted-average common shares outstanding (in thousands):
Basic¹	17,864		17,344
Add: dilutive effect of non-vested common shares, restricted stock units and performance shares	336		—
Diluted²	18,200		17,344

Net income (loss) per common share, Basic:	$	1.47	$	(16.85	)
Net income (loss) per common share, Diluted:	$	1.44	$	(16.85	)

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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.

The following securities were excluded from the weighted-average diluted shares computation for the quarters ended March 31, 2016 and March 31, 2015 as their inclusion would have been anti-dilutive (in thousands of shares):



	Quarter Ended
	March 31,
	2016	2015
Options to purchase common shares	17	17
Non-vested common shares, restricted stock units and performance shares	33	187
Warrants¹	—	636
Total excluded	50	840

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¹	Net-share-settled warrants ("Warrants") relating to approximately 3.7 million notional common shares of our common stock were outstanding at March 31, 2015 at an exercise price of approximately $60.57 per share, and were settled during a period from July 1, 2015 through December 18, 2015.

During the quarter ended March 31, 2016 and March 31, 2015, we paid a total of approximately $8.2 million ($0.45 per common share) and $7.1 million ($0.40 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, 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.

During the quarters ended March 31, 2016 and March 31, 2015, we repurchased 83,265 shares of common stock (at a weighted-average price of $76.85 per share) and 405,259 shares of common stock at a weighted-average price of $74.05 per share, respectively, pursuant to the stock repurchase program. The total cost of $6.4 million and $30.0 million was recorded as Treasury stock during the quarters ended March 31, 2016 and March 31, 2015, respectively. At March 31, 2016, $116.9 million were available to repurchase our common shares pursuant to the stock repurchase program.