Earnings Per Share

3 Months Ended

Mar. 31, 2025

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 quarters ended March 31, 2025 and March 31, 2024.

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,
	2025		2024 As Adjusted1
Numerator:
Net income available to common shareholders2	$	21.6	$	18.2
Denominator – Weighted-average common shares outstanding (in thousands):
Basic		16,116		16,027
Add: dilutive effect of non-vested common shares, restricted stock units and performance shares3		283		203
Diluted		16,399		16,230
Net income per common share, Basic:	$	1.34	$	1.13
Net income per common share, Diluted:	$	1.31	$	1.12

1.Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.

2.Represents Net income less distributed and undistributed earnings allocated to non-vested restricted stock awards that contain non-forfeitable rights to dividends.

3.Quantities in the following discussion are denoted in whole shares. During the quarters ended March 31, 2025 and March 31, 2024, approximately 4,000 and 2,200 shares, respectively, were excluded from the weighted-average diluted shares computation as their inclusion would have been anti‑dilutive.