Net Income Per Share and Stockholders' Equity

3 Months Ended

Mar. 31, 2019

Net Income per Share and Stockholders Equity

Net Income Per Share and Stockholders' Equity

Net Income Per Share. Basic net income per share is computed by dividing distributed and undistributed net income allocable to common shares by the weighted-average number of common shares outstanding during the applicable period. The basic weighted-average number of common shares outstanding during the period excludes non-vested share-based payment awards. Diluted net income per share was calculated under the treasury stock method for the quarters ended March 31, 2019 and March 31, 2018, which in both periods was more dilutive than the two-class method.

The following table sets forth the computation of basic and diluted net income per share for the periods presented (in millions of dollars, except share and per share amounts):



	Quarter Ended
	March 31,
	2019		2018
Numerator:
Net income	$	28.0	$	25.7
Denominator – Weighted-average common shares outstanding (in thousands):
Basic	16,108		16,707
Add: dilutive effect of non-vested common shares, restricted stock units and performance shares¹	264		324
Diluted	16,372		17,031

Net income per common share, Basic:	$	1.74	$	1.54
Net income per common share, Diluted:	$	1.71	$	1.51

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¹	During the quarter ended March 31, 2019 a total of four thousand securities were excluded from the weighted-average diluted shares computation as their inclusion would have been anti-dilutive. There were no anti-dilutive securities during the quarter ended March 31, 2018.

Dividends. During the quarters ended March 31, 2019 and March 31, 2018, we paid a total of approximately $10.2 million and $10.0 million, respectively, in cash dividends to stockholders, including the holders of restricted stock, and dividend equivalents to the holders of certain restricted stock units and performance shares.

Treasury Stock. 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,
	2019		2018
Number of common shares repurchased	175,977		58,155
Weighted-average repurchase price (dollars per share)	$	98.55	$	104.50
Total cost of repurchased common shares (in millions of dollars)	$	17.4	$	6.1

At March 31, 2019, $131.3 million remained available to repurchase our common shares pursuant to the stock repurchase program.

Preferred Stock. In connection with a tax asset protection 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 tax asset protection rights plan, including the rights to exercise, expired on April 7, 2019.