XML 118 R27.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Earnings Per Share
12 Months Ended
Dec. 31, 2019
Earnings Per Share [Abstract]  
Earnings Per Share
EARNINGS PER SHARE
Share-based awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are participating securities and included in the computation of both basic and diluted earnings per share. Our grants of restricted stock awards to our employees and directors are considered participating securities and we have prepared our earnings per share calculations to exclude outstanding unvested restricted stock awards, using the two-class method, in the basic and diluted weighted average shares outstanding calculation.
The following table sets forth the computation of the basic and diluted earnings per share for the years ended December 31, 2017, 2018 and 2019 (in thousands, except per share data): 
 
Years Ended December 31,
 
2017
 
2018
 
2019
Numerator for basic and diluted earnings per share:
 
 
 
 
 
Net income
$
37,193

 
$
11,645

 
$
14,533

Less: Earnings allocated to unvested restricted stock
(135
)
 
(57
)
 
(62
)
Income attributable to common stockholders
$
37,058

 
$
11,588

 
$
14,471

 
 
 
 
 
 
Denominator:
 
 
 
 
 
Denominator for basic earnings per common share - weighted average shares outstanding
16,438

 
17,971

 
17,877

Effect of dilutive securities:
 
 
 
 
 
Stock options
336

 
66

 
118

Convertible subordinated notes
941

 
337

 
10

Denominator for diluted earnings per common share - weighted average shares outstanding
17,715

 
18,374

 
18,005

 
 
 
 
 
 
Basic earnings per common share
$
2.25

 
$
0.64

 
$
0.81

Diluted earnings per common share
$
2.09

 
$
0.63

 
$
0.80


The fully diluted weighted average shares outstanding for the years ended December 31, 2017, 2018 and 2019, and the corresponding calculation of fully diluted earnings per share, included 941,000, 337,000 and 10,000 shares that would have been issued upon the conversion of our convertible subordinated notes as a result of the application of the if-converted method prescribed by the FASB ASC 260.
For the years ended December 31, 2017, 2018 and 2019, there were 354,000, 1,661,000 and 338,000 stock options excluded from the computation of diluted earnings per share because the inclusion of such stock options would result in an antidilutive effect.