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. Basic and diluted net income per share was calculated under the two-class method for the quarters and six months ended June 30, 2026 and 2025.

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


	Quarter Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator:
Net income available to common shareholders1	$	96.8	$	23.2	$	159.3	$	44.8
Denominator – Weighted-average common shares outstanding (in thousands):
Basic		16,343		16,160		16,296		16,138
Add: dilutive effect of non-vested common shares, restricted stock units and performance shares2		575		319		590		319
Diluted		16,918		16,479		16,886		16,457

Net income per common share, Basic:	$	5.92	$	1.44	$	9.77	$	2.77
Net income per common share, Diluted:	$	5.72	$	1.41	$	9.43	$	2.72

Represents Net income less distributed and undistributed earnings allocated to non-vested restricted stock awards that contain non-forfeitable rights to dividends.

Quantities in the following discussion are denoted in whole shares. During the quarter and six months ended June 30, 2026, approximately 122 and 223 shares, respectively, were excluded from the weighted-average diluted shares computation as their inclusion would have been anti‑dilutive. During the quarter and six months ended June 30, 2025, approximately 565 and 241 shares, respectively, were excluded from the weighted-average diluted shares computation as their inclusion would have been anti‑dilutive.