EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2014

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE I — EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share:

	Three Months Ended						Nine Months Ended
	September 30						September 30
	2014			2013			2014			2013
	(in thousands, except share and per share data)
Basic
Numerator:
Net income	$	19,618		$	13,982		$	31,633		$	5,465
Effect of unvested restricted stock unit awards	(981		)	(585		)	(1,591		)	(243		)
Adjusted net income	$	18,637		$	13,397		$	30,042		$	5,222
Denominator:
Weighted-average shares	26,054,678			25,736,810			25,979,555			25,690,184
Earnings per common share	$	0.72		$	0.52		$	1.16		$	0.20
Diluted
Numerator:
Net income	$	19,618		$	13,982		$	31,633		$	5,465
Effect of unvested restricted stock unit awards	(981		)	(585		)	(1,591		)	(243		)
Adjusted net income	$	18,637		$	13,397		$	30,042		$	5,222
Denominator:
Weighted-average shares	26,054,678			25,736,810			25,979,555			25,690,184
Effect of dilutive securities	—			—			453			—
Adjusted weighted-average shares and assumed conversions	26,054,678			25,736,810			25,980,008			25,690,184
Earnings per common share	$	0.72		$	0.52		$	1.16		$	0.20

Under the two-class method of calculating earnings per share, nonforfeitable dividends paid and a portion of undistributed net income are allocated to unvested restricted stock units, which are considered participating securities. Outstanding stock awards of 0.7 million for the three- and nine-month periods ended September 30, 2014, and outstanding stock awards of 0.8 million for the same periods of 2013, were not included in the diluted earnings per share calculation because their inclusion would have the effect of increasing the earnings per share calculated under the treasury stock method.