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

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
Net income	$	23,851	$	12,947	$	62,581	$	38,329

Basic weighted average shares outstanding	34,045,225		20,755,394		34,050,459		20,417,601
Plus unvested restricted stock	79,386		65,983		54,416		50,008
Diluted weighted shares outstanding	34,124,611		20,821,377		34,104,875		20,467,609
Earnings per common share
Basic	$	0.70	$	0.62	$	1.84	$	1.88
Diluted	$	0.70	$	0.62	$	1.83	$	1.87

Options to purchase an additional 5,000 shares of common stock were outstanding as of September 30, 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 September 30, 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.