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Earnings Per Share
6 Months Ended
Jun. 30, 2017
Earnings Per Share [Abstract]  
Earnings Per Share Disclosures
EARNINGS PER SHARE
The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended June 30, 2017 and 2016:
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2017
 
2016
 
2017
 
2016
Numerator (in thousands):
 
 
 
 
 
 
 
 
Numerator for basic and dilutive earnings per share
 
$
32,199

 
$
20,659

 
$
43,979

 
$
32,359

Denominator:
 
 
 
 
 
 
 
 
       Basic weighted average shares outstanding
 
21,602,261

 
20,544,809

 
21,481,842

 
20,416,566

       Effect of dilutive securities:
 
 
 
 
 
 
 
 
Convertible Notes - treasury stock method
 
1,417,163

 
882,569

 
1,296,413

 
556,654

         Stock-based compensation units
 
223,165

 
59,635

 
254,393

 
43,968

       Diluted weighted average shares outstanding
 
23,242,589

 
21,487,013

 
23,032,648

 
21,017,188

 
 
 
 
 
 
 
 
 
Basic earnings per share
 
$
1.49

 
$
1.01

 
$
2.05

 
$
1.58

Diluted earnings per share
 
$
1.39

 
$
0.96

 
$
1.91

 
$
1.54

Antidilutive non-vested restricted stock units excluded from calculation of diluted earnings per share
 
3,758

 
2,375

 
23,089

 
7,282


In accordance with Accounting Standards Codification (“ASC”) 260-10, Earnings Per Share, we calculated the dilutive effect of the Convertible Notes using the treasury stock method, since we have the intent and ability to settle the principal amount of the outstanding Convertible Notes in cash. Under the treasury stock method, the Convertible Notes have a dilutive impact on diluted earnings per share to the extent that the average market price of our common stock for a reporting period exceeds the conversion price of $21.52 per share.
During the three and six months ended June 30, 2017 and 2016, the average market price of our common stock exceeded the conversion price of $21.52 per share. Included in the calculation of diluted earnings per share was the effect of approximately 1.4 million and 0.9 million shares of our common stock related to the conversion spread of the Convertible Notes for the three months ended June 30, 2017 and 2016, respectively, and 1.3 million and 0.6 million shares of our common stock for the six months ended June 30, 2017 and 2016, respectively.
Effective January 1, 2017, we adopted ASU No. 2016-09, which requires excess tax benefits and deficiencies to be prospectively excluded from assumed future proceeds in the calculation of diluted shares, resulting in an increase in diluted weighted average shares outstanding of 48,557 and 53,848 shares for the three and six months ended June 30, 2017, respectively.