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				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
Numerator:
Net income (loss)	$	14.9	$	22.1	$	67.2	$	(249.9	)
Denominator – Weighted-average common shares outstanding (in thousands):
Basic¹	17,841		17,123		17,858		17,178
Add: dilutive effect of non-vested common shares, restricted stock units, performance shares and stock options	334		305		323		—
Add: dilutive effect of warrants²	—		744		—		—
Diluted³	18,175		18,172		18,181		17,178

Net income (loss) per common share, Basic:	$	0.84	$	1.29	$	3.76	$	(14.55	)
Net income (loss) per common share, Diluted:	$	0.82	$	1.21	$	3.70	$	(14.55	)

______________________


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 1.7 million notional common shares of our common stock were outstanding at September 30, 2015 at an exercise price of approximately $60.32 per share, and were settled during a period from October 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.

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



	Quarter Ended		Nine Months Ended
	September 30,		September 30,
	2016	2015	2016	2015
Options to purchase common shares	—	—	—	17
Non-vested common shares, restricted stock units and performance shares	3	—	2	281
Warrants	—	—	—	773
Total excluded	3	—	2	1,071

During the nine months ended September 30, 2016 and September 30, 2015, we paid a total of approximately $24.4 million ($1.35 per common share) and $21.0 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).

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 nine months ended September 30, 2016 and September 30, 2015, we repurchased 170,304 shares of common stock at a weighted-average price of $81.04 per share and 599,397 shares of common stock at a weighted-average price of $75.81 per share, respectively, pursuant to the stock repurchase program. The total cost of $13.8 million and $45.4 million was recorded as Treasury stock during the nine months ended September 30, 2016 and September 30, 2015, respectively. At September 30, 2016, $109.5 million were available to repurchase our common shares pursuant to the stock repurchase program.

Preferred Stock. In connection with the Tax Asset Rights Plan, our Board of Directors declared a dividend, payable April 22, 2016, of a Right to purchase one Series A Preferred for each outstanding share of our common stock, par value $0.01 per share. The number of shares constituting Series A Preferred, par value $0.01 per share, is 900,000. For more information regarding the Rights, see Note 4.