Net Income Per Share and Stockholders' Equity

3 Months Ended

Mar. 31, 2017

Net Income Per Share and Stockholders' Equity

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



	Quarter Ended
	March 31,
	2017		2016
Numerator:
Net income	$	36.0	$	26.3
Denominator – Weighted-average common shares outstanding (in thousands):
Basic¹	17,385		17,864
Add: dilutive effect of non-vested common shares, restricted stock units, performance shares and stock options	218		336
Diluted²	17,603		18,200

Net income per common share, Basic:	$	2.07	$	1.47
Net income per common share, Diluted:	$	2.04	$	1.44

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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.

The following securities were excluded from the weighted-average diluted shares computation for the quarters ended March 31, 2017 and March 31, 2016 as their inclusion would have been anti-dilutive (in thousands of shares):



	Quarter Ended
	March 31,
	2017	2016
Options to purchase common shares	2	17
Non-vested common shares, restricted stock units and performance shares	64	33
Total excluded	66	50

Dividends. During the quarters ended March 31, 2017 and March 31, 2016, we paid a total of approximately $9.3 million and $8.2 million, respectively, in cash dividends to stockholders, including the holders of restricted stock, and in dividend equivalents to the holders of certain restricted stock units and performance shares.

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:



	Quarter Ended
	March 31,
	2017		2016
Number of common shares repurchased	415,346		83,265
Weighted-average repurchase price (dollars per share)	$	78.70	$	76.85
Total cost of repurchased common shares (in millions of dollars)	$	32.7	$	6.4

At March 31, 2017, $55.7 million were available to repurchase our common shares pursuant to the stock repurchase program (see Note 15).