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EARNINGS PER SHARE
 6 Months Ended
Jun. 30, 2017
EARNINGS PER SHARE  
EARNINGS PER SHARE

NOTE 4 EARNINGS PER SHARE

 

Basic earnings per share (“EPS”) is computed by dividing net income available to common stockholders by the weighted‑average number of common shares outstanding. Diluted EPS is computed after adjusting the numerator and denominator of the basic EPS computation for the effects of all potentially dilutive common shares. The dilutive effect of options and nonvested stock issued under stock‑based compensation plans is computed using the treasury stock method. The dilutive effect of the Sponsor Warrants and Management Warrants is computed using the if‑converted method prior to their exercise. In previous periods, gains associated with the changes in the fair value of the Sponsor Warrants and Management Warrants, if applicable, are excluded from the numerator in computing diluted earnings per share because inclusion of such gains in the computation would be anti‑dilutive.

 

Information related to our EPS calculations is summarized as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 

 

Six Months Ended June 30, 

(In thousands, except per share amounts)

    

2017

    

2016

    

2017

    

2016

Basic EPS:

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

3,120

 

$

6,970

 

$

8,779

 

$

150,735

Net income attributable to noncontrolling interests

 

 

 —

 

 

 —

 

 

 —

 

 

 —

Net income attributable to common stockholders

 

$

3,120

 

$

6,970

 

$

8,779

 

$

150,735

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average basic common shares outstanding

 

 

40,373

 

 

39,492

 

 

40,088

 

 

39,483

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted EPS:

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common stockholders

 

$

3,120

 

$

6,970

 

$

8,779

 

$

150,735

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average basic common shares outstanding

 

 

40,373

 

 

39,492

 

 

40,088

 

 

39,483

Restricted stock and stock options

 

 

291

 

 

337

 

 

305

 

 

324

Warrants

 

 

2,387

 

 

2,835

 

 

2,689

 

 

2,835

Weighted average diluted common shares outstanding

 

 

43,051

 

 

42,664

 

 

43,082

 

 

42,642

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income per share:

 

$

0.08

 

$

0.18

 

$

0.22

 

$

3.82

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income per share:

 

$

0.07

 

$

0.16

 

$

0.20

 

$

3.53

 

 

The diluted EPS computation for the three and six months ended June 30, 2017 excludes 308,500 and 315,000 stock options, respectively, because their inclusion would have been anti-dilutive. The diluted EPS computation for the three and six months ended June 30, 2017 excludes 167,005 shares of restricted stock, because market conditions have not been met.

 

The diluted EPS computation for the three and six months ended June 30, 2016 excludes 363,000 stock options and 402,500 stock options, respectively, because their inclusion would have been anti-dilutive. The diluted EPS computation for the three and six months ended June 30, 2016 excludes 153,781 shares of restricted stock because market conditions have not been met.