Earnings Per Share

9 Months Ended

Sep. 30, 2023

The computations of basic and diluted earnings per share were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Numerator:
Net income	$	22.9	$	15.6	$	78.5	$	42.5
Denominator:
Basic - weighted average shares outstanding	18,570,293		18,515,851		18,485,806		18,495,640
Effect of dilutive securities	308,018		176,065		261,322		217,697
Diluted - weighted average shares outstanding	18,878,311		18,691,916		18,747,128		18,713,337
Basic earnings per share	$	1.23	$	0.84	$	4.25	$	2.30
Diluted earnings per share	$	1.21	$	0.83	$	4.19	$	2.27

Excluded from the dilutive securities shown above were options to purchase and shares to be paid out under share-based compensation plans of 169,458 and 766,235 shares of common stock during the three months ended September 30, 2023 and 2022, respectively. Excluded from the dilutive securities shown above were options to purchase and shares to be paid out under share-based compensation plans of 325,862 and 425,920 shares of common stock during the nine months ended September 30, 2023 and 2022, respectively. These exclusions were made if the exercise prices of the options are greater than the average market price of our common stock for the period, if the number of shares we can repurchase under the treasury stock method exceeds the weighted average shares outstanding in the options or if we have a net loss, as these effects would be anti-dilutive.