Earnings Per Common Share

6 Months Ended

Jun. 30, 2016

7. EARNINGS PER COMMON SHARE

Basic and diluted earnings per common share (“EPS”) amounts are presented on the face of the accompanying Income Statements.

No reconciliation of the basic and diluted EPS numerators is necessary as net income is used as the numerators for all periods presented. The reconciliation of the basic and diluted EPS denominators related to the common shares is included in the following table (in thousands):

	Quarter Ended				Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
Basic weighted-average common shares		30,942		30,798		30,852		31,170
Dilutive effect of restricted common stock		602	564			667	610
Dilutive effect of 2010 Convertible Notes		907		1,605		1,403		1,349
Dilutive effect of Stock Warrants		360	128			319	88
Diluted weighted-average common shares		32,811		33,095		33,241		33,217

The Convertible Notes have a dilutive effect only in those quarterly periods in which our average stock price exceeds the current effective conversion price (see Note 4).

The Stock Warrants have a dilutive effect only in those quarterly periods in which our average stock price exceeds the exercise price of $26.68 per warrant (under the treasury stock method), and are not subject to performance vesting conditions (see Note 8).

Potentially dilutive common shares related to non-participating unvested restricted stock excluded from the computation of diluted EPS, as the effect was antidilutive, were not material in any period presented.