Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2015

Calculation of basic and diluted earnings 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

______________________


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.

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

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