Earnings Per Common Share

3 Months Ended

Mar. 31, 2017

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 March 31,
	2017		2016
Basic weighted-average common shares		32,016		30,762
Dilutive effect of restricted common stock		578	732
Dilutive effect of 2010 Convertible Notes		-		1,900
Dilutive effect of Stock Warrants		-	278
Diluted weighted-average common shares		32,594		33,672

The Convertible Notes have a dilutive effect only in those quarterly periods in which our average stock price exceeds the current effective conversion price. The 2010 Convertible Notes were settled in March 2017 (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. All the vested Stock Warrants were exercised in January 2017 (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.