Net Income Per Share and Stockholders' Equity

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2019 and June 30, 2018, which in all 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				Six Months Ended
	June 30,				June 30,
	2019		2018		2019		2018
Numerator:
Net income	$	19.2	$	20.7	$	47.2	$	46.4
Denominator – Weighted-average common shares outstanding (in thousands):
Basic	16,063		16,685		16,085		16,696
Add: dilutive effect of non-vested common shares, restricted stock units and performance shares¹	177		220		213		266
Diluted	16,240		16,905		16,298		16,962

Net income per common share, Basic:	$	1.19	$	1.24	$	2.93	$	2.78
Net income per common share, Diluted:	$	1.18	$	1.22	$	2.89	$	2.74

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During the quarter and six months ended June 30, 2019, a total of nine thousand and five thousand securities were excluded, respectfully, from the weighted-average diluted shares computation as their inclusion would have been anti-dilutive. During the quarter and six months ended June 30, 2018, a total of two thousand and one thousand securities were excluded, respectfully, from the weighted-average diluted shares computation as their inclusion would have been anti-dilutive.

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.