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Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2017
Earnings Per Share [Abstract]  
Computation of Earnings per Share
The computation of earnings per share is as follows:
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
(Amounts in thousands, except per share data)
2017
 
2016
 
2017
 
2016
Net income applicable to Piper Jaffray Companies
$
13,573

 
$
1,938

 
$
33,848

 
$
4,375

Earnings allocated to participating securities (1)
(2,051
)
 
(361
)
 
(5,436
)
 
(690
)
Net income applicable to Piper Jaffray Companies’ common shareholders (2)
$
11,522

 
$
1,577

 
$
28,412

 
$
3,685

 
 
 
 
 
 
 
 
Shares for basic and diluted calculations:
 
 
 
 
 
 
 
Average shares used in basic computation
12,826

 
12,927

 
12,711

 
13,043

Stock options
—

 
15

 
—

 
13

Restricted stock units
111

 
—

 
219

 
—

Average shares used in diluted computation
12,937

 
12,942

 
12,930

 
13,056

 
 
 
 
 
 
 
 
Earnings per common share:
 
 
 
 
 
 
 
Basic
$
0.89

 
$
0.12

 
$
2.24

 
$
0.28

Diluted
$
0.89

 
$
0.12

 
$
2.21

 
$
0.28

(1)
Represents the allocation of earnings to participating securities. Losses are not allocated to participating securities. Participating securities include all of the Company’s unvested restricted shares. The weighted average participating shares outstanding were 2,296,080 and 2,951,985 for the three months ended June 30, 2017 and 2016, respectively, and 2,462,486 and 2,445,372 for the six months ended June 30, 2017 and 2016, respectively.
(2)
Net income applicable to Piper Jaffray Companies’ common shareholders for diluted and basic EPS may differ under the two-class method as a result of adding the effect of the assumed exercise of stock options and restricted stock units to dilutive shares outstanding, which alters the ratio used to allocate earnings to Piper Jaffray Companies’ common shareholders and participating securities for purposes of calculating diluted and basic EPS.