XML 61 R15.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Earnings Per Share | 12 Months Ended
--- | ---
Dec. 31, 2017
Earnings Per Share [Abstract] |
Earnings Per Share |
9. | 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. 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 per share amounts):
|  | Year Ended December 31, |
|  | 2017 |  |  | 2016 |  |  | 2015 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 66,807 |  |  | $ | 43,840 |  |  | $ | 20,945 |
Less: income allocable to participating securities |  |  | (171 | ) |  |  | (333 | ) |  |  | (270 | )
Income allocable to common shares |  | $ | 66,636 |  |  | $ | 43,507 |  |  | $ | 20,675 |
Add back: undistributed earnings allocable to participating securities |  |  | 171 |  |  |  | 333 |  |  |  | 270 |
Less: undistributed earnings reallocated to participating securities |  |  | (168 | ) |  |  | (333 | ) |  |  | (264 | )
Numerator for diluted earnings per share |  | $ | 66,639 |  |  | $ | 43,507 |  |  | $ | 20,681 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding |  |  | 50,315,455 |  |  |  | 50,315,455 |  |  |  | 50,315,455 |
Weighted average common shares repurchased |  |  | (1,526,930 | ) |  |  | (286,699 | ) |  |  | — |
Adjustment for vested restricted stock |  |  | 9,050,630 |  |  |  | 7,521,448 |  |  |  | 6,179,715 |
Shares for calculating basic earnings per share |  |  | 57,839,155 |  |  |  | 57,550,204 |  |  |  | 56,495,170 |
Dilutive effect of unvested restricted stock |  |  | 950,864 |  |  |  | 1,417,895 |  |  |  | 1,424,530 |
Shares for calculating diluted earnings per share |  |  | 58,790,019 |  |  |  | 58,968,099 |  |  |  | 57,919,700 |
Earnings per share: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 1.15 |  |  | $ | 0.76 |  |  | $ | 0.37 |
Diluted |  | $ | 1.13 |  |  | $ | 0.74 |  |  | $ | 0.36 |

X
- References No definition available. + Details
Name: | us-gaap_EarningsPerShareAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 + Details
Name: | us-gaap_EarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration