Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2015

Computation of Basic and Diluted Net Income Per Share

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 [Member]

Computation of Basic and Diluted Net Income Per Share

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