Earnings per Share

9 Months Ended

Sep. 30, 2016

Earnings per Share.

The computations of basic and diluted earnings per share are as follows:



	Quarter Ended					Year to Date Ended
	September 30, 2016			September 30, 2015		September 30, 2016			September 30, 2015
Operations:
Net income^(a)	$	9,532		$	6,771	22,899			$	19,712
Income attributable to participating securities^(b)	294			222		711			653
Net income attributable to common shareholders	$	9,238		$	6,549	$	22,188		$	19,059

Share information:
Basic weighted average common shares^(c)	16,653,717		^(d)	17,154,303		16,626,024		^(d)	17,315,890
Incremental shares from potential dilutive securities^(e)	—			769		—			759
Diluted weighted average common shares	16,653,717			17,155,072		16,626,024			17,316,649

Basic and diluted earnings per share	$	0.55		$	0.38	$	1.33		$	1.10


^(a)	Net income attributable to all shareholders.


^(b)	At September 30, 2016 and 2015, participating securities included 525,986 and 432,946 nonvested RSUs, respectively, and 0 and 128,500 nonvested shares of restricted stock, respectively.


^(c)	Under the two-class method, weighted average common shares at September 30, 2016 and 2015, exclude nonvested, participating securities of 525,986 and 561,446, respectively.

^(d)

Weighted average common shares for the quarter and year to date periods ended September 30, 2016 were affected by the September 1, 2015, purchase of 950,000 shares of common stock in a privately-negotiated transaction with F2 SEA, Inc., an affiliate of SEACOR Holdings, Inc., pursuant to a Stock Repurchase Agreement. SEACOR Holdings, Inc. is the 70 percent owner of ICP, the Company's 30 percent equity method investment.

^(e)

There were no anti-dilutive shares related to stock options for the quarters ended September 30, 2016 and 2015. There were dilutive shares related to stock options totaling 0 and 4,000 for the quarters ended September 30, 2016 and 2015, respectively, and 0 and 4,000 for the year to date periods ended September 30, 2016 and 2015, respectively. The dilutive shares resulted in potential dilutive securities of 0 and 769 for the quarters ended September 30, 2016 and 2015, respectively, and 0 and 759 for the year to date periods ended September 30, 2016 and 2015, respectively.