XML 49 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
Earnings Per Share
12 Months Ended
Dec. 31, 2018
Earnings Per Share [Abstract]  
Earnings Per Share

20. Earnings Per Share

We use the two-class method of calculating earnings per share (EPS) as our unvested restricted stock awards have non-forfeitable rights to dividends, and accordingly represent a participating security.  The two-class method is an earnings allocation method under which EPS is calculated for each class of common stock and participating security considering both dividends declared (or accumulated) and participation rights in undistributed earnings as if all such earnings had been distributed during the period.

The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31, 2018, 2017 and 2016 (in thousands, except share and per share information):





 

 

 

 

 

 

 

 



 

 

 

 



Year ended December 31,



2018

 

2017

 

2016

Numerator

 

 

 

 

 

 

 

 

Net income

$

96,455 

 

$

50,295 

 

$

49,540 

Less: Undistributed earnings allocated to participating securities

 

(59)

 

 

(384)

 

 

(1,050)

Net income allocable to common stockholders

$

96,396 

 

$

49,911 

 

$

48,490 

Denominator

 

 

 

 

 

 

 

 

Weighted average common shares outstanding - basic

 

30,084,913 

 

 

24,280,871 

 

 

20,679,189 

Dilutive effect of restricted stock units

 

306,433 

 

 

274,638 

 

 

112,748 

Weighted average common shares outstanding - diluted

 

30,391,346 

 

 

24,555,509 

 

 

20,791,937 

Earnings per share:

 

 

 

 

 

 

 

 

Basic

$

3.20 

 

$

2.06 

 

$

2.34 

Diluted

$

3.17 

 

$

2.03 

 

$

2.33 

 

Stock-based awards are excluded from the calculation of diluted EPS in the event they are subject to unsatisfied performance conditions or are antidilutive.  We excluded 0.3 million common unit equivalents from diluted earnings per share during the year ended December 31, 2018 related to the PSUs granted during the periods.  We did not have any common unit equivalents to exclude from diluted earnings per share during the years ended December 31, 2017 and 2016.