Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2016

The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share amounts):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
Net income	$	22,180	$	17,928	$	42,038	$	35,480
Less net income allocated to participating securities:
Non-forfeitable dividends on participating securities		(98)		(126)		(199)		(249)
Income allocated to participating securities		(7)		—		(7)		—
Total net income allocated to participating securities		(105)		(126)		(206)		(249)
Less net income allocated to preferred stockholders:
Preferred stock dividends		—		(818)		—		(1,636)
Total net income allocated to preferred stockholders		—		(818)		—		(1,636)
Net income available to common stockholders		22,075		16,984		41,832		33,595
Effect of dilutive securities:
Participating securities		105		—		—		—
Convertible preferred securities		—		818		—		1,636
Total effect of dilutive securities		105		818		—		1,636
Net income for diluted net income per share	$	22,180	$	17,802	$	41,832	$	35,231

Shares for basic net income per share		37,969		35,299		37,707		35,288
Effect of dilutive securities:
Stock options		13		12		13		14
Participating securities		182		—		—
Convertible preferred securities		—		2,000		—		2,000
Total effect of dilutive securities		195		2,012		13		2,014
Shares for diluted net income per share		38,164		37,311		37,720		37,302

Basic net income per share	$	0.58	$	0.48	$	1.11	$	0.95
Diluted net income per share	$	0.58	$	0.48	$	1.11	$	0.94