Net Income Per Share

3 Months Ended

Mar. 31, 2023

11. 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, 2023 and March 31, 2022, 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 (in millions of dollars, except share and per share amounts):


	Quarter Ended March 31,
	2023		2022
Numerator:
Net income	$	15.9	$	8.1
Denominator – Weighted-average common shares outstanding (in thousands):
Basic		15,940		15,866
Add: dilutive effect of non-vested common shares, restricted stock units and performance shares1		156		172
Diluted		16,096		16,038

Net income per common share, Basic:	$	1.00	$	0.51
Net income per common share, Diluted:	$	0.99	$	0.51

Quantities in the following discussion are denoted in whole shares. During the quarters ended March 31, 2023 and March 31, 2022, approximately 11,000 and 33,000 shares, respectively, were excluded from the weighted-average diluted shares computation as their inclusion would have been anti‑dilutive.