EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2015

EARNINGS PER SHARE

Schedule of computation of basic and diluted earnings (loss) per share

The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31:

	2015		2014		2013
	(in thousands, except share and per share data)
Basic
Numerator:
Net income	$	44,854	$	46,177	$	15,811
Effect of unvested restricted stock awards		(450)		(2,300)		(720)
Adjusted net income	$	44,404	$	43,877	$	15,091
Denominator:
Weighted-average shares		26,013,716		25,993,255		25,714,205
Earnings per common share	$	1.71	$	1.69	$	0.59
Diluted
Numerator:
Net income	$	44,854	$	46,177	$	15,811
Effect of unvested restricted stock awards		(443)		(2,300)		(720)
Adjusted net income	$	44,411	$	43,877	$	15,091
Denominator:
Weighted-average shares		26,013,716		25,993,255		25,714,205
Effect of dilutive securities		516,411		357		—
Adjusted weighted-average shares and assumed conversions		26,530,127		25,993,612		25,714,205
Earnings per common share	$	1.67	$	1.69	$	0.59