CALCULATION OF WEIGHTED AVERAGE SHARES OUTSTANDING FOR EARNINGS PER SHARE (EPS)

9 Months Ended

Sep. 30, 2015

CALCULATION OF WEIGHTED AVERAGE SHARES OUTSTANDING FOR EARNINGS PER SHARE (EPS)

The following table reconciles basic to diluted weighted shares outstanding used to calculate earnings per share data dollars and shares (in thousands, except per share data):



	Three Months Ended September 30				Nine Months Ended September 30
	2015		2014		2015		2014
Net income	$	12,947	$	14,819	$	38,329	$	42,356

Basic weighted average shares outstanding	20,755		19,373		20,418		19,353
Plus unvested restricted stock	66		47		50		33
Diluted weighted shares outstanding	20,821		19,420		20,468		19,386
Earnings per common share
Basic	$	0.62	$	0.76	$	1.88	$	2.19
Diluted	$	0.62	$	0.76	$	1.87	$	2.18

Options to purchase an additional 7,500 shares of common stock were outstanding as of September 30, 2015, but were not included in the computation of diluted earnings per share because their exercise price was significantly greater than the average market price of common shares which would not dilute earnings per share. Also, as of September 30, 2015, warrants expiring on November 21, 2018, to purchase up to $18.6 million (243,998 shares, post reverse-split) of common stock were not included in the computation of diluted earnings per share because the exercise price of the warrants was greater than the average market price of common shares.