Earnings Per Share

12 Months Ended

Dec. 31, 2014

Earnings Per Share

8. Earnings Per Share

ASC Topic 260, “Earnings Per Share”, provides that unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method. The Company’s outstanding non-vested restricted stock awards are participating securities. Accordingly, earnings per common share are computed using the two-class method.

The following table sets forth the computation of basic and diluted earnings per share under the two-class method:

	2014			2013			2012
Numerator for basic and diluted earnings per share:
Net income	$	55,588		$	84,886		$	105,933
Effect of reallocating undistributed earnings of participating securities		(376	)		(530	)		(553	)
Net income available under the two-class method	$	55,212		$	84,356		$	105,380
Denominator:
Denominator for basic earnings per share—weighted-average shares		22,946,395			22,957,013			22,968,696
Effect of dilutive potential common shares		—			—			625
Denominator for diluted earnings per share—adjusted weighted—average shares		22,946,395			22,957,013			22,969,321
Basic earnings per share	$	2.41		$	3.67		$	4.59
Diluted earnings per share	$	2.41		$	3.67		$	4.59