Net Income Per Share

3 Months Ended

Mar. 31, 2020

Net Income Per Share

Basic net income per share is computed by dividing distributed and undistributed net income allocable to common shares by the weighted-average number of common shares outstanding during the applicable period. The basic weighted-average number of common shares outstanding during the period excludes non-vested share-based payment awards. Diluted net income per share was calculated under the treasury stock method for the quarters ended March 31, 2020 and March 31, 2019, which in both periods was more dilutive than the two-class method.

The following table sets forth the computation of basic and diluted net income per share for the periods presented (in millions of dollars, except share and per share amounts):



	Quarter Ended
	March 31,
	2020		2019
Numerator:
Net income	$	29.1	$	28.0
Denominator – Weighted-average common shares outstanding (in thousands):
Basic	15,838		16,108
Add: dilutive effect of non-vested common shares, restricted stock units and performance shares¹	170		264
Diluted	16,008		16,372

Net income per common share, Basic:	$	1.83	$	1.74
Net income per common share, Diluted:	$	1.81	$	1.71

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During the quarters ended March 31, 2020 and March 31, 2019, a total of two thousand and four thousand shares, respectively, were excluded from the weighted-average diluted shares computation as their inclusion would have been anti-dilutive.