Net Income Per Share

12 Months Ended

Dec. 31, 2020

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. Diluted net income per share was calculated under the treasury stock method for 2020, 2019 and 2018, which in all years 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):

	Year Ended December 31,
	2020		2019		2018
Numerator:
Net income	$	28.8	$	62.0	$	91.7
Denominator – Weighted-average common shares outstanding (in thousands):
Basic		15,802		15,997		16,585
Add: dilutive effect of non-vested common shares, restricted stock units and performance shares¹		111		206		289
Diluted		15,913		16,203		16,874

Net income per common share, Basic:	$	1.82	$	3.88	$	5.53
Net income per common share, Diluted:	$	1.81	$	3.83	$	5.43

^1.	A total of 44,000 non-vested RSAs, RSUs and performance shares for the year ended December 31, 2020 were excluded from the weighted-average diluted shares computation as their inclusion would have been anti-dilutive. None were excluded for the years ended December 31, 2019 and December 31, 2018.