Earnings Per Share

9 Months Ended

Sep. 30, 2015

Basic and Diluted Earnings Per Share

The components of basic and diluted EPS are as follows (in thousands, except share and per share amounts):



	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Net income	$	3,229		$	2,667		$	8,779		$	9,016
Less: dividends paid to participating securities	—			—			(18,987		)	—
Less: income allocated to participating securities	(50		)	(2,549		)	—			(8,651		)
Net income available for common stockholders (A)	$	3,179		$	118		$	(10,208	)	$	365
Weighted average common shares outstanding — basic (B)	44,922,410			2,429,445			16,910,090			2,211,263
Dilutive effect of stock options	1,909,604			1,916,240			—			1,580,965
Weighted average common shares outstanding — diluted (C)	46,832,014			4,345,685			16,910,090			3,792,228
Earnings per share:
Basic (A/B)	$	0.07		$	0.05		$	(0.60	)	$	0.17
Diluted (A/C)	$	0.07		$	0.03		$	(0.60	)	$	0.10

The following securities have been excluded from the calculation of diluted weighted average common shares outstanding because the effect is anti-dilutive for the three and nine months ended September 30, 2015 and 2014:



	Three Months Ended September 30,		Nine Months Ended September 30,
	2015	2014	2015	2014
Redeemable convertible preferred stock:
Series A	—	1,998,257	—	1,998,257
Series B	—	1,809,685	—	1,809,685
Series B-1	—	82,934	—	82,934
Stock options	32,000	185,150	537,525	185,150
Common stock subject to repurchase	124,791	357,392	124,791	357,392