| Computation of Basic and Diluted Earnings Per Share |
The following table sets
forth the computation of basic and diluted earnings per share (in
thousands, except share and per share data):
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Three Months
Ended
June 30, |
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Six Months
Ended
June 30, |
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2013 |
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2012 |
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2013 |
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2012 |
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Numerator:
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Net income available to
common shareholders
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$ |
13,224 |
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$ |
8,339 |
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$ |
34,793 |
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$ |
20,651 |
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Denominator:
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Basic weighted average
shares outstanding
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17,012,046 |
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15,571,207 |
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16,947,935 |
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15,522,492 |
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Effect of dilutive
securities:
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SARs and options
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286,869 |
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445,178 |
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308,472 |
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447,932 |
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Convertible
notes
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— |
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1,155,920 |
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— |
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965,967 |
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Restricted stock
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93,355 |
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|
37,872 |
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|
80,307 |
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27,691 |
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Diluted weighted average
shares outstanding
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17,392,270 |
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17,210,177 |
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17,336,714 |
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16,964,082 |
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Basic earnings per
share
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$ |
0.78 |
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$ |
0.54 |
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$ |
2.05 |
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$ |
1.33 |
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Diluted earnings per
share
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$ |
0.76 |
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$ |
0.48 |
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$ |
2.01 |
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$ |
1.22 |
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| Antidilutive Securities Excluded from Computation of Earnings Per Share |
The computation of diluted
earnings per share excludes the following potentially dilutive
securities because the effect would be anti-dilutive:
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
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2013 |
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2012 |
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2013 |
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|
2012 |
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Restricted stock and stock
options
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|
371 |
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|
127,014 |
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|
16,621 |
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|
131,267 |
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Stock appreciation
rights
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|
57,661 |
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|
177,758 |
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|
44,207 |
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|
157,084 |
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