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EARNINGS PER-SHARE
9 Months Ended
Sep. 30, 2017
EARNINGS PER-SHARE  
EARNINGS PER-SHARE

 

10.          EARNINGS PER-SHARE

 

The number of shares used to compute basic and diluted earnings per-share for the three and nine months ended September 30, 2017 and 2016, was as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2017

 

Nine Months Ended September 30, 2017

 

 

    

 

 

   

Weighted-

   

Per

   

 

 

   

Weighted-

   

Per

    

 

 

 

 

 

Average

 

Common

 

 

 

 

Average

 

Common

 

 

 

Net

 

Common

 

Share

 

Net

 

Common

 

Share

 

(In millions, except per-share amounts)

 

Income

 

Shares

 

Amount

 

Income

 

Shares

 

Amount

 

Basic:

 

$

34.1

 

42.9

 

$

0.79

 

$

65.1

 

43.0

 

$

1.51

 

Effect of Dilutive Securities:

 

 

 

 

0.3

 

 

 —

 

 

 

 

0.3

 

 

(0.01)

 

Diluted:

 

$

34.1

 

43.2

 

$

0.79

 

$

65.1

 

43.3

 

$

1.50

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2016

 

Nine Months Ended September 30, 2016

 

 

    

 

 

   

Weighted-

   

Per

   

 

 

   

Weighted-

   

Per

   

 

 

 

 

 

Average

 

Common

 

 

 

 

Average

 

Common

 

 

 

Net

 

Common

 

Share

 

Net

 

Common

 

Share

 

(In millions, except per-share amounts)

 

Income

 

Shares

 

Amount

 

Income

 

Shares

 

Amount

 

Basic:

 

$

25.3

 

42.8

 

$

0.59

 

$

61.4

 

43.1

 

$

1.42

 

Effect of Dilutive Securities:

 

 

 

 

0.4

 

 

 —

 

 

 

 

0.4

 

 

(0.01)

 

Diluted:

 

$

25.3

 

43.2

 

$

0.59

 

$

61.4

 

43.5

 

$

1.41

 

 

Basic earnings per-share is determined by dividing net income by the weighted-average common shares outstanding during the period.  The calculation of diluted earnings per-share includes the dilutive effect of unexercised non-qualified stock options and non-vested restricted stock units. 

 

The computation of weighted-average dilutive shares outstanding excludes certain non-qualified stock options to purchase shares of common stock where the options’ exercise prices were greater than the average market price of the Company’s common stock for the periods presented and, therefore, the effect would be anti-dilutive.  The number of such shares excluded was nominal.