Earnings Per Share

6 Months Ended

Jun. 30, 2024

11. Earnings 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. Basic and diluted net income per share was calculated under the two-class method for the quarter and six months ended June 30, 2024 and the treasury method for the quarter and six months ended June 30, 2023, which 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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Numerator:
Net income available to common shareholders1	$	3.1	$	18.3	$	27.7	$	34.2
Denominator – Weighted-average common shares outstanding (in thousands):
Basic		16,072		15,974		16,050		15,957
Add: dilutive effect of non-vested common shares, restricted stock units and performance shares2		326		109		271		133
Diluted		16,398		16,083		16,321		16,090

Net income per common share, Basic:	$	0.19	$	1.14	$	1.72	$	2.14
Net income per common share, Diluted:	$	0.19	$	1.14	$	1.69	$	2.12

Represents Net income less distributed and undistributed earnings allocated to non-vested RSAs that contain non-forfeitable rights to dividends.

Quantities in the following discussion are denoted in whole shares. During the quarter and six months ended June 30, 2024, approximately 170 and 370 shares, respectively, were excluded from the weighted-average diluted shares computation as their inclusion would have been anti‑dilutive. For the quarter and six months ended June 30, 2023, approximately 42,000 and 16,000 shares, respectively, were excluded from the weighted-average diluted shares computation as their inclusion would have been anti‑dilutive.