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Earnings Per Share | 12 Months Ended
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Dec. 31, 2015
Earnings Per Share [Abstract] |
Earnings Per Share |
8. | EARNINGS PER SHARE
Basic earnings per share (“EPS”) is based on the weighted average number of shares of common stock outstanding for the period. Diluted EPS is computed in a similar manner to basic EPS after assuming the issuance of shares of common stock for all potentially dilutive shares of restricted stock whether or not they are vested. In accordance with ASC Topic 260 “Earnings Per Share”, the two-class method determines earnings for each class of common stock and participating securities according to an earnings allocation formula that adjusts the income available to common stockholders for dividends or dividend equivalents and participation rights in undistributed earnings. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are participating securities and, therefore, are included in computing earnings per share pursuant to the two-class method. The outstanding restricted shares of stock that were issued on July 8, 2015, are considered participating securities. Under the 2014 Reorganization, all the outstanding common units, Series B Preferred Units and incentive units of Holdings were exchanged for, or converted into, an aggregate of 45,708,573 shares of our common stock and 8,121,101 shares of our restricted stock as of January 1, 2014. The following is a reconciliation of net income and the shares of common stock used in the computation of basic and diluted net earnings per share (dollars in thousands, except share amounts):
|  | Year Ended December 31, |
|  | 2015 |  |  | 2014 |  |  | 2013 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 20,945 |  |  | $ | 5,663 |  |  | $ | 607 |
Less: net loss attributable to the noncontrolling interest |  |  | — |  |  |  | — |  |  |  | (6 | )
Less: income allocable to participating securities |  |  | (270 | ) |  |  | — |  |  |  | — |
Income allocable to common shares |  | $ | 20,675 |  |  | $ | 5,663 |  |  | $ | 601 |
Add back: undistributed earnings allocable to participating securities |  |  | 270 |  |  |  | — |  |  |  | — |
Less: undistributed earnings reallocated to participating securities |  |  | (264 | ) |  |  | — |  |  |  | — |
Numerator for diluted earnings per share |  | $ | 20,681 |  |  | $ | 5,663 |  |  | $ | 601 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding |  |  | 50,315,455 |  |  |  | 49,002,809 |  |  |  | 44,560,053 |
Adjustment for vested restricted stock |  |  | 6,179,715 |  |  |  | 781,345 |  |  |  | 916,842 |
Shares for calculating basic EPS |  |  | 56,495,170 |  |  |  | 49,784,154 |  |  |  | 45,476,895 |
Dilutive effect of unvested restricted stock |  |  | 1,424,530 |  |  |  | 2,073,155 |  |  |  | 2,585,180 |
Shares for calculating diluted EPS |  |  | 57,919,700 |  |  |  | 51,857,309 |  |  |  | 48,062,075 |
Net income per share: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.37 |  |  | $ | 0.11 |  |  | $ | 0.01 |
Diluted |  | $ | 0.36 |  |  | $ | 0.11 |  |  | $ | 0.01 |
Pro forma net income per share (UNAUDITED) In connection with the 2014 Reorganization, we became subject to taxation as a Subchapter C Corporation, effective January 1, 2014. The pro forma net income applied in computing the pro forma EPS for the year ended December 31, 2013 was based on (i) our historical net income as adjusted to reflect our conversion to a Subchapter C Corporation as if it had occurred as of January 1, 2012 and (ii) the pro forma tax expense associated with CP IV Blocker. The pro forma net income includes an adjustment to income tax expense, the amount of which was determined at an effective tax rate of 47% which resulted in an incremental pro forma income tax benefit of $0.1 million for the year ended December 31, 2013. See Note 12 for more information about pro forma income taxes. There was no pro forma tax expense (benefit) for the years ended December 31, 2015 or 2014. The following is a reconciliation of pro forma net income for the year ended December 31, 2013 and the shares of stock used in the computation of pro forma basic and diluted net income per share (dollars in thousands, except share amounts).
|  | Year Ended December 31, 2013 |
Unaudited pro forma numerator: |  |  |  |
Net income attributable to the Company |  | $ | 601 |
Unaudited pro forma additional income tax benefit |  |  | (137 | )
Unaudited pro forma net income attributable to the Company |  | $ | 738 |
Unaudited pro forma denominator: |  |  |  |
Unaudited pro forma weighted average shares outstanding |  |  | 44,560,053 |
Adjustment for vested restricted stock |  |  | 916,842 |
Pro forma shares for calculating basic EPS |  |  | 45,476,895 |
Unaudited pro forma weighted average shares outstanding |  |  | 44,560,053 |
Adjustment for vested restricted stock |  |  | 916,842 |
Effect of dilutive restricted stock |  |  | 2,585,180 |
Pro forma shares for calculating diluted EPS |  |  | 48,062,075 |
Unaudited pro forma net income per share: |  |  |  |
Basic |  | $ | 0.02 |
Diluted |  | $ | 0.02 |

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