Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2017

Computation of Basic and Diluted Net Earnings 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 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