Earnings Per Share

9 Months Ended

Sep. 30, 2016

Note 13 — Earnings Per Share

U.S. GAAP requires the Company to use the two-class method in computing basic earnings per share since holders of the Company’s restricted stock have the right to share in dividends, if declared, equally with common stockholders. These participating securities affect the computation of both basic and diluted earnings per share during periods of net income.

A summary of the numerator and denominator of the basic and diluted earnings per common share is presented below.


	Three Months Ended							Three Months Ended
	September 30, 2016							September 30, 2015
	Income			Shares*		Per Share		Income			Shares*		Per Share
	(Numerator)			(Denominator)		Amount		(Numerator)			(Denominator)		Amount
Net income	$	11,333						$	7,371
Less: Income attributable to participating securities		(557	)						(437	)

Basic Earnings Per Share:
Income allocated to common stockholders		10,776			9,209	$	1.17		6,934			9,635	$	0.72

Effect of Dilutive Securities:
Stock options		—			62				—			85
Convertible senior notes		1,028			1,447				1,132			1,651

Diluted Earnings Per Share:
Income available to common stockholders and assumed conversions	$	11,804			10,718	$	1.10	$	8,066			11,371	$	0.71


	Nine Months Ended							Nine Months Ended
	September 30, 2016							September 30, 2015
	Income			Shares*		Per Share		Income			Shares*		Per Share
	(Numerator)			(Denominator)		Amount		(Numerator)			(Denominator)		Amount
Net income	$	24,413						$	54,771
Less: Income attributable to participating securities		(1,158	)						(3,182	)

Basic Earnings Per Share:
Income allocated to common stockholders		23,255			9,395	$	2.48		51,589			9,585	$	5.38

Effect of Dilutive Securities:
Stock options		—			62				—			112
Convertible senior notes		3,206			1,507				3,363			1,650

Diluted Earnings Per Share:
Income available to common stockholders and assumed conversions	$	26,461			10,964	$	2.41	$	54,952			11,347	$	4.84

*	weighted-average