Net Income (Loss) Per Share and Stockholders' Equity

Net Income (Loss) Per Share. Basic and diluted net income (loss) per share for 2016, 2015 and 2014 were calculated as follows (in millions of dollars, except share and per share amounts):



	Year Ended December 31,
	2016		2015			2014
Numerator:
Net income (loss)	$	91.7	$	(236.6	)	$	71.8
Denominator – Weighted-average common shares outstanding (in thousands):
Basic¹	17,813		17,201			17,818
Add: dilutive effect of non-vested common shares, restricted stock units and performance shares	220		—			179
Add: dilutive effect of warrants²	—		—			596
Diluted³	18,033		17,201			18,593

Net income (loss) per common share, Basic:	$	5.15	$	(13.76	)	$	4.02
Net income (loss) per common share, Diluted:	$	5.09	$	(13.76	)	$	3.86

_____________


^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.

Net-share-settled warrants ("Warrants") relating to approximately 3.7 million notional common shares of our common stock were outstanding at December 31, 2014 at an exercise price of approximately $60.70 per share, and were settled during a period from July 1, 2015 through December 18, 2015. In total, we issued 1,015,185 shares of our common stock in connection with the Warrants and paid a de minimis amount in cash to the holders for fractional shares at the end of the settlement period.


^3.	The diluted weighted-average number of common shares outstanding during the periods presented was calculated using the treasury method.

There were 1,543 and 16,645 fully-vested options outstanding at December 31, 2016 and December 31, 2015, respectively, in each case exercisable to purchase common shares at $80.01 per share.

The following securities were excluded from the weighted-average diluted shares computation for 2016, 2015 and 2014 as their inclusion would have been anti-dilutive (in thousands of shares):



	Year Ended December 31,
	2016	2015	2014
Options to purchase common shares	—	—	17
Non-vested common shares, restricted stock units and performance shares	50	302	—
Warrants	—	639	—
Total excluded	50	941	17

Dividends. During 2016, 2015 and 2014, we paid a total of approximately $32.4 million ($1.80 per common share), $28.1 million ($1.60 per common share) and $25.4 million ($1.40 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).

Treasury Stock. 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, among other things, 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. Repurchases of our common stock pursuant to the stock repurchase program is recorded as Treasury stock and consisted of the following for each period presented:



	Year Ended December 31,
	2016		2015		2014
Number of common shares repurchased	443,838		647,520		633,230
Weighted-average repurchase price (dollars per share)	$	78.59	$	76.35	$	70.87
Total cost of repurchased common shares (in millions of dollars)	$	34.9	$	49.4	$	44.9

At December 31, 2016 and December 31, 2015, $88.4 million and $123.3 million, respectively, were available to repurchase our common shares pursuant to the stock repurchase program.

Preferred Stock. In connection with the Tax Asset Rights Plan, our Board of Directors declared a dividend, payable April 22, 2016, of one Right for each outstanding share of our common stock. In general, if the Rights become exercisable, each Right would allow its holder to purchase one one-hundredth of a share of our Series A Preferred Stock. The authorized number of shares of Series A Preferred Stock is 900,000. For more information regarding the Rights, see Note 5.