Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2016

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
	March 31,
	2016		2015
Numerator:
Net income (loss)	$	26.3	$	(292.2	)
Denominator – Weighted-average common shares outstanding (in thousands):
Basic¹	17,864		17,344
Add: dilutive effect of non-vested common shares, restricted stock units and performance shares	336		—
Diluted²	18,200		17,344

Net income (loss) per common share, Basic:	$	1.47	$	(16.85	)
Net income (loss) per common share, Diluted:	$	1.44	$	(16.85	)

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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.

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 ended March 31, 2016 and March 31, 2015 as their inclusion would have been anti-dilutive (in thousands of shares):



	Quarter Ended
	March 31,
	2016	2015
Options to purchase common shares	17	17
Non-vested common shares, restricted stock units and performance shares	33	187
Warrants¹	—	636
Total excluded	50	840

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¹	Net-share-settled warrants ("Warrants") relating to approximately 3.7 million notional common shares of our common stock were outstanding at March 31, 2015 at an exercise price of approximately $60.57 per share, and were settled during a period from July 1, 2015 through December 18, 2015.