Net Income Per Share

9 Months Ended

Sep. 30, 2020

12. 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 and nine months ended September 30, 2020 and September 30, 2019, 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 for the periods presented (in millions of dollars, except share and per share amounts):

	Quarter Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Numerator:
Net income	$	0.4	$	25.4	$	22.9	$	72.6
Denominator – Weighted-average common shares outstanding (in thousands):
Basic		15,794		15,956		15,804		16,042
Add: dilutive effect of non-vested common shares, restricted stock units and performance shares¹		71		169		100		193
Diluted		15,865		16,125		15,904		16,235

Net income per common share, Basic:	$	0.02	$	1.59	$	1.45	$	4.52
Net income per common share, Diluted:	$	0.02	$	1.57	$	1.44	$	4.47

^{Quantities in the following discussion are denoted in whole shares. During the quarter and nine months ended September 30, 2020, approximately 69,000 shares and 41,000 shares, respectively, were excluded from the weighted-average diluted shares computation as their inclusion would have been anti-dilutive. During both the quarter and nine months ended September 30, 2019, approximately 7,000 shares were excluded from the weighted-average diluted shares computation as their inclusion would have been anti-dilutive.}