Net Income Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Income Per Share

15. 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. Basic and diluted net income per share was calculated under the two-class method for the years ended December 31, 2025, 2024, and 2023.

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):

	Year Ended December 31,
	2025		2024 As Adjusted1		2023 As Adjusted1
Numerator:
Net income		112.5		65.7		67.8
Less: earnings attributable to participating securities2		—		—		(0.1	)
Net income available to common shareholders		112.5		65.7		67.7
Denominator – Weighted-average common shares    outstanding (in thousands):
Basic		16,169		16,069		15,991
Add: dilutive effect of non-vested common shares,    restricted stock units and performance shares3		453		250		140
Diluted		16,622		16,319		16,131
Net income per common share, Basic	$	6.96	$	4.08	$	4.25
Net income per common share, Diluted	$	6.77	$	4.02	$	4.21

1.Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 18 for further discussion.

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

3.Quantities in the following discussion are denoted in whole shares. For the years ended December 31, 2025, 2024, and 2023, approximately 200, 1,100, and 35,000 shares, respectively, were excluded from the weighted-average diluted shares computation as their inclusion would have been anti-dilutive.