Net Income Per Share and Stockholders' Equity

Net Income Per Share. Basic and diluted net income 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,
	2017		2016		2017		2016
Numerator:
Net income	$	19.9	$	14.9	$	60.6	$	67.2
Denominator – Weighted-average common shares outstanding (in thousands):
Basic¹	16,834		17,841		17,072		17,858
Add: dilutive effect of non-vested common shares, restricted stock units, performance shares and stock options	326		334		291		323
Diluted²	17,160		18,175		17,363		18,181

Net income per common share, Basic:	$	1.18	$	0.84	$	3.55	$	3.76
Net income per common share, Diluted:	$	1.16	$	0.82	$	3.49	$	3.70

______________________


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 and nine months ended September 30, 2017 and September 30, 2016 as their inclusion would have been anti-dilutive (in thousands of shares):



	Quarter Ended		Nine Months Ended
	September 30,		September 30,
	2017	2016	2017	2016
Non-vested common shares, restricted stock units and performance shares	3	3	3	2
Total excluded	3	3	3	2

Dividends. During the nine months ended September 30, 2017 and September 30, 2016, we paid a total of approximately $26.4 million and $24.4 million, respectively, in cash dividends to stockholders, including the holders of restricted stock, and in dividend equivalents to the holders of certain restricted stock units and performance shares.

Stock Repurchase Program. From time to time, we repurchase shares pursuant to a stock repurchase program authorized by our Board of Directors. Such repurchases of our common stock are recorded as Treasury stock. 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.

The following table summarizes repurchases recorded as treasury stock for each period presented:



	Nine Months Ended
	September 30,
	2017		2016
Number of common shares repurchased	806,307		170,304
Weighted-average repurchase price (dollars per share)	$	80.60	$	81.04
Total cost of repurchased common shares (in millions of dollars)	$	64.9	$	13.8

At September 30, 2017, $123.4 million were available to repurchase our common shares pursuant to the stock repurchase program.