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Earnings Per Share
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share

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 nine months ended September 30, 2024 and the treasury method for the quarter and nine months ended September 30, 2023, based on the more dilutive method for each period.

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 September 30,

 

 

Nine Months Ended September 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common shareholders1

 

$

12.0

 

 

$

5.4

 

 

$

39.7

 

 

$

39.6

 

Denominator – Weighted-average common shares outstanding (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

16,087

 

 

 

15,995

 

 

 

16,062

 

 

 

15,970

 

Add: dilutive effect of non-vested common shares, restricted stock units and performance shares2

 

 

248

 

 

 

159

 

 

 

229

 

 

 

140

 

Diluted

 

 

16,335

 

 

 

16,154

 

 

 

16,291

 

 

 

16,110

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share, Basic:

 

$

0.75

 

 

$

0.34

 

 

$

2.47

 

 

$

2.48

 

Net income per common share, Diluted:

 

$

0.74

 

 

$

0.34

 

 

$

2.44

 

 

$

2.46

 
1.
Represents Net income less distributed and undistributed earnings allocated to non-vested restricted stock awards that contain non-forfeitable rights to dividends.
2.
Quantities in the following discussion are denoted in whole shares. During the quarter and nine months ended September 30, 2024, approximately 120 and 700 shares, respectively, were excluded from the weighted-average diluted shares computation as their inclusion would have been anti‑dilutive. For the quarter and nine months ended September 30, 2023, approximately 4,800 and 14,000 shares, respectively, were excluded from the weighted-average diluted shares computation as their inclusion would have been anti‑dilutive.