Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2016

Calculation of basic and diluted earnings 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,
	2016		2015		2016		2015
Numerator:
Net income (loss)	$	26.0	$	20.2	$	52.3	$	(272.0	)
Denominator – Weighted-average common shares outstanding (in thousands):
Basic¹	17,871		17,006		17,867		17,233
Add: dilutive effect of non-vested common shares, restricted stock units, performance shares and stock options	323		247		327		—
Add: dilutive effect of warrants²	—		939		—		—
Diluted³	18,194		18,192		18,194		17,233

Net income (loss) per common share, Basic:	$	1.45	$	1.19	$	2.92	$	(15.78	)
Net income (loss) per common share, Diluted:	$	1.43	$	1.11	$	2.87	$	(15.78	)

______________________


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	Net-share-settled warrants ("Warrants") relating to approximately 3.7 million notional common shares of our common stock were outstanding at June 30, 2015 at an exercise price of approximately $60.44 per share, and were settled during a period from July 1, 2015 through December 18, 2015.


³	The diluted weighted-average number of common shares outstanding during the periods presented was calculated using the treasury method.

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

The following securities were excluded from the weighted-average diluted shares computation for the quarters and six months ended June 30, 2016 and June 30, 2015 as their inclusion would have been anti-dilutive (in thousands of shares):



	Quarter Ended		Six Months Ended
	June 30,		June 30,
	2016	2015	2016	2015
Options to purchase common shares	—	—	—	17
Non-vested common shares, restricted stock units and performance shares	2	—	65	243
Warrants	—	—	—	799
Total excluded	2	—	65	1,059