Per Share

Basic and diluted net income (loss) per share were calculated as follows, for each period presented (in millions of dollars, except share and per share amounts):



	Quarter Ended				Nine Months Ended
	September 30,				September 30,
	2015		2014		2015			2014
Numerator:
Net income (loss)	$	22.1	$	15.9	$	(249.9	)	$	56.2
Denominator - Weighted-average common shares outstanding (in thousands):
Basic¹	17,123		17,707		17,178			17,853
Add: dilutive effect of non-vested common shares, restricted stock units and performance shares	305		134		—			143
Add: dilutive effect of warrants	744		778		—			596
Diluted²	18,172		18,619		17,178			18,592

Net income (loss) per common share, Basic:	$	1.29	$	0.90	$	(14.55	)	$	3.15
Net income (loss) per common share, Diluted:	$	1.21	$	0.85	$	(14.55	)	$	3.02

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¹	The basic weighted-average number of common shares outstanding during the periods presented excludes non-vested common shares, restricted stock units and performance shares.


²	The diluted weighted-average number of common shares outstanding during the periods presented was calculated using the treasury method.

Warrants relating to approximately 1.7 million notional common shares (with an exercise price of approximately $60.32 per share) and 3.7 million notional common shares (with an exercise price of approximately $60.80 per share) were outstanding as of September 30, 2015 and September 30, 2014, respectively. Upon settlement, each Warrant holder receives a number of shares of our common stock equal to (a) the number of notional shares associated with each Warrant settling on such date multiplied by (b)(i) the excess (if any) of the volume weighted average price of our common stock on each exercise date over the then effective strike price of the Warrants divided by (ii) such volume-weighted average price of our common stock. Warrant holders receive cash in lieu of fractional shares. The Warrants began settling ratably over the 120 trading day period beginning on July 1, 2015. During the quarter ended September 30, 2015, 516,220 shares of our common stock were issued upon settlement of Warrants relating to approximately 2.0 million notional common shares, leaving Warrants relating to approximately 1.7 million notional shares outstanding as of September 30, 2015 to be settled during the following quarter. If the Warrants relating to 1.7 million notional shares had all been settled on September 30, 2015, the number of shares issued using our average stock price for the quarter ended September 30, 2015 would have been 473,850. As of September 30, 2014, if the Warrants then outstanding relating to 3.7 million notional shares had all been settled, the number of our common shares issued using our average stock price for the quarter September 30, 2014 would have been 778,147. See Note 3 and Note 16 for additional information relating to the Warrants.

The following securities were excluded from the weighted-average diluted shares computation for the quarters and nine months ended September 30, 2015 and September 30, 2014 as their inclusion would have been anti-dilutive (in thousands of shares):



	Quarter Ended		Nine Months Ended
	September 30,		September 30,
	2015	2014	2015	2014
Options to purchase common shares	—	20	17	20
Non-vested common shares, restricted stock units and performance shares	—	56	281	48
Warrants	—	—	773	—
Total excluded	—	76	1,071	68

During the nine months ended September 30, 2015 and September 30, 2014, we paid a total of approximately $21.0 million ($1.20 per common share) and $19.1 million ($1.05 per common share), respectively, in cash dividends to stockholders, including the holders of restricted stock, and dividend equivalents to the holders of certain restricted stock units and to the holders of performance shares granted prior to 2014 with respect to the target number of underlying common shares (constituting approximately one-half of the maximum payout).

From time to time, we repurchase shares pursuant to a stock repurchase program authorized by our Board of Directors. Repurchase transactions will occur at such times and prices as management deems appropriate and will be funded with our excess liquidity after giving consideration to internal and external growth opportunities and future cash flows. Repurchases may be in open-market transactions or in privately negotiated transactions, and the program may be modified or terminated by our Board of Directors at any time.

During the nine months ended September 30, 2015 and September 30, 2014, we repurchased 599,397 shares of common stock (at a weighted-average price of $75.81 per share) and 410,589 shares of common stock (at a weighted-average price of $70.34 per share), respectively, pursuant to the stock repurchase program. The total cost of $45.4 million and $28.9 million was recorded as Treasury stock during the nine months ended September 30, 2015 and September 30, 2014, respectively. At September 30, 2015, $127.3 million were available for the repurchase of our common shares under the stock repurchase program.