Net Income Per Share

9 Months Ended

Sep. 30, 2016

NET INCOME PER SHARE

Basic net income per share has been computed by dividing net income by the basic number of weighted average shares outstanding. Diluted net income per share has been computed by dividing net income by the diluted number of weighted average shares outstanding using the treasury stock method. The share effect is as follows:



	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2016	2015	2016	2015
Weighted average shares outstanding:
Common shares	20,159,197	20,414,667	20,116,250	20,413,238
Vested restricted stock units	220,360	532,160	281,787	525,609
Basic number of weighted average shares outstanding	20,379,557	20,946,827	20,398,037	20,938,847
Dilutive effect of restricted stock and restricted stock units	5,067	5,884	17,944	10,661
Dilutive number of weighted average shares outstanding	20,384,624	20,952,711	20,415,981	20,949,508

For the nine months ended September 30, 2016, 7,368 shares of restricted stock were not included in the computation of diluted net income per share because their inclusion would have been anti-dilutive. For the three months ended September 30, 2016, and the three and nine months ended September 30, 2015, there were no shares of restricted stock or restricted stock units that would have been anti-dilutive.