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EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 2016
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

 

 

 

    

2016

    

2015

    

2016

    

2015

 

 

 

 

(in thousands, except share and per share data)

 

 

Basic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$
12,940

 

$
19,154

 

$
17,068

 

$
39,866

 

 

Effect of unvested restricted stock awards

 

 
(89)

 

 
(175)

 

 
(132)

 

 
(418)

 

 

Adjusted net income

 

$
12,851

 

$
18,979

 

$
16,936

 

$
39,448

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares

 

 
25,724,550

 

 
26,009,344

 

 
25,779,166

 

 
26,033,467

 

 

Earnings per common share

 

$
0.50

 

$
0.73

 

$
0.66

 

$
1.52

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$
12,940

 

$
19,154

 

$
17,068

 

$
39,866

 

 

Effect of unvested restricted stock awards

 

 
(87)

 

 
(172)

 

 
(131)

 

 
(410)

 

 

Adjusted net income

 

$
12,853

 

$
18,982

 

$
16,937

 

$
39,456

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares

 

 
25,724,550

 

 
26,009,344

 

 
25,779,166

 

 
26,033,467

 

 

Effect of dilutive securities

 

 
486,974

 

 
499,138

 

 
484,566

 

 
536,333

 

 

Adjusted weighted-average shares and assumed conversions

 

 
26,211,524

 

 
26,508,482

 

 
26,263,732

 

 
26,569,800

 

 

Earnings per common share

 

$
0.49

 

$
0.72

 

$
0.64

 

$
1.48

 

 

 

Under the two-class method of calculating earnings per share, dividends paid and a portion of undistributed net income, but not losses, are allocated to unvested RSUs that receive dividends, which are considered participating securities. Beginning with 2015 grants, the RSU agreements were modified to remove dividend rights; therefore, the RSUs granted in 2015 and 2016 are not participating securities. Outstanding stock awards of 0.3 million and 0.4 million for the three and nine months ended September 30, 2016, respectively, and outstanding stock awards of 0.4 million and 0.2 million for the three and nine months ended September 30, 2015, respectively, were not included in the diluted earnings per share calculation because their inclusion would have the effect of increasing earnings per share.