Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2014

Computation of Basic and Diluted Earnings Per Share

The following table sets forth the components used in the computation of basic and diluted earnings per share (dollars in thousands, except share and per share amounts):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2014		2013		2014		2013
Numerator:
Net income	$	6,124	$	2,075	$	10,422	$	2,345

Denominator:
Basic weighted-average shares outstanding		31,632,533		31,597,907		31,622,956		29,940,448
Effect of dilutive shares:
Unvested restricted stock units⁽¹⁾		118,405		16,739		74,101		13,177

Diluted weighted-average shares outstanding		31,750,938		31,614,646		31,697,057		29,953,625

Basic earnings per share⁽²⁾	$	0.19	$	0.07	$	0.33	$	0.08

Diluted earnings per share⁽¹⁾	$	0.19	$	0.07	$	0.33	$	0.08

(1)	For the three and six months ended June 30, 2014 and 2013, no stock options were included in the diluted income per share calculation as the effect of their inclusion would be antidilutive.

(2)

On January 30, 2013 the Company completed its initial public offering (“IPO”) in which it issued and sold 10 million shares of common stock at the public offering price of $17.00 per share. Basic and diluted income (loss) per share for the three and six months ended June 30, 2013 give effect to the conversion of the Company’s members’ equity into common stock on January 30, 2013 as though the conversion had occurred as of the beginning of the reporting period or the original date of issuance, if later. The number of shares converted was based on the actual IPO price of $17.00 per share.