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

3 Months Ended

Mar. 31, 2016

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 (in thousands, except shares and per share data):



	Three Months Ended March 31,
	2016		2015
Net income	$	17,774	$	12,134

Basic weighted average shares outstanding	34,023,800		19,760,645
Plus unvested restricted stock	79,927		84,374
Diluted weighted shares outstanding	34,103,727		19,845,019
Earnings per common share
Basic	$	0.52	$	0.61
Diluted	$	0.52	$	0.61

Options to purchase an additional 5,000 shares of common stock were outstanding as of March 31, 2016, 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 March 31, 2016, 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.