Net Income Per Share and Stockholders' Equity

6 Months Ended

Jun. 30, 2017

Net Income per Share and Stockholders Equity

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				Six Months Ended
	June 30,				June 30,
	2017		2016		2017		2016
Numerator:
Net income	$	4.7	$	26.0	$	40.7	$	52.3
Denominator – Weighted-average common shares outstanding (in thousands):
Basic¹	17,003		17,871		17,193		17,867
Add: dilutive effect of non-vested common shares, restricted stock units, performance shares and stock options	198		323		225		327
Diluted²	17,201		18,194		17,418		18,194

Net income per common share, Basic:	$	0.28	$	1.45	$	2.37	$	2.92
Net income per common share, Diluted:	$	0.27	$	1.43	$	2.34	$	2.87

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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 and six months ended June 30, 2017 and June 30, 2016 as their inclusion would have been anti-dilutive (in thousands of shares):



	Quarter Ended		Six Months Ended
	June 30,		June 30,
	2017	2016	2017	2016
Non-vested common shares, restricted stock units and performance shares	55	2	56	65
Total excluded	55	2	56	65

Dividends. During the six months ended June 30, 2017 and June 30, 2016, we paid a total of approximately $17.9 million and $16.3 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.

Stock Repurchase Program. From time to time, we repurchase shares pursuant to a stock repurchase program authorized by our Board of Directors. Such repurchases of our common stock are recorded as Treasury stock. 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.

The following table summarizes repurchases recorded as treasury stock for each period presented:



	Six Months Ended
	June 30,
	2017		2016
Number of common shares repurchased	787,986		109,033
Weighted-average repurchase price (dollars per share)	$	80.26	$	79.04
Total cost of repurchased common shares (in millions of dollars)	$	63.2	$	8.6

At June 30, 2017, $125.2 million were available to repurchase our common shares pursuant to the stock repurchase program.