Earnings per Share

9 Months Ended

Sep. 30, 2016

Earnings per Share

Earnings per Share

9.Earnings per Share

The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share amounts):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
Net income	$	22,411	$	19,647	$	64,449	$	55,127
Less net income allocated to participating securities:
Non-forfeitable dividends on participating securities		(85)		(117)		(284)		(366)
Income allocated to participating securities		(5)		(4)		(12)		(4)
Total net income allocated to participating securities		(90)		(121)		(296)		(370)
Less net income allocated to preferred stockholders:
Preferred stock dividends		—		(818)		—		(2,454)
Total net income allocated to preferred stockholders		—		(818)		—		(2,454)
Net income available to common stockholders		22,321		18,708		64,153		52,303
Effect of dilutive securities:
Participating securities		90		—		296		—
Convertible preferred securities		—		818		—		2,454
Total effect of dilutive securities		90		818		296		2,454
Net income for diluted net income per share	$	22,411	$	19,526	$	64,449	$	54,757
Shares for basic net income per share		39,057		35,341		38,161		35,306
Effect of dilutive securities:
Stock options		13		11		13		13
Performance-based stock units		108		—		108		—
Participating securities		157		—		173		—
Convertible preferred securities		—		2,000		—		2,000
Total effect of dilutive securities		278		2,011		294		2,013
Shares for diluted net income per share		39,335		37,352		38,455		37,319
Basic net income per share	$	0.57	$	0.53	$	1.68	$	1.48
Diluted net income per share (1)	$	0.57	$	0.52	$	1.68	$	1.47

⁽¹⁾ For the three and nine months ended September 30, 2015, the participating securities have been excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive.