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EARNINGS PER SHARE | 9 Months Ended
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Sep. 30, 2014
EARNINGS PER SHARE |
EARNINGS PER SHARE | NOTE I — EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share:
|  | Three Months Ended |  | Nine Months Ended |
|  | September 30 |  | September 30 |
|  | 2014 |  | 2013 |  | 2014 |  | 2013 |
|  | (in thousands, except share and per share data) |
Basic |  |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |  |
Net income |  | $ | 19,618 |  | $ | 13,982 |  | $ | 31,633 |  | $ | 5,465 |
Effect of unvested restricted stock unit awards |  | (981 | ) | (585 | ) | (1,591 | ) | (243 | )
Adjusted net income |  | $ | 18,637 |  | $ | 13,397 |  | $ | 30,042 |  | $ | 5,222 |
Denominator: |  |  |  |  |  |  |  |  |
Weighted-average shares |  | 26,054,678 |  | 25,736,810 |  | 25,979,555 |  | 25,690,184 |
Earnings per common share |  | $ | 0.72 |  | $ | 0.52 |  | $ | 1.16 |  | $ | 0.20 |
Diluted |  |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |  |
Net income |  | $ | 19,618 |  | $ | 13,982 |  | $ | 31,633 |  | $ | 5,465 |
Effect of unvested restricted stock unit awards |  | (981 | ) | (585 | ) | (1,591 | ) | (243 | )
Adjusted net income |  | $ | 18,637 |  | $ | 13,397 |  | $ | 30,042 |  | $ | 5,222 |
Denominator: |  |  |  |  |  |  |  |  |
Weighted-average shares |  | 26,054,678 |  | 25,736,810 |  | 25,979,555 |  | 25,690,184 |
Effect of dilutive securities |  | — |  | — |  | 453 |  | — |
Adjusted weighted-average shares and assumed conversions |  | 26,054,678 |  | 25,736,810 |  | 25,980,008 |  | 25,690,184 |
Earnings per common share |  | $ | 0.72 |  | $ | 0.52 |  | $ | 1.16 |  | $ | 0.20 |
Under the two-class method of calculating earnings per share, nonforfeitable dividends paid and a portion of undistributed net income are allocated to unvested restricted stock units, which are considered participating securities. Outstanding stock awards of 0.7 million for the three- and nine-month periods ended September 30, 2014, and outstanding stock awards of 0.8 million for the same periods of 2013, were not included in the diluted earnings per share calculation because their inclusion would have the effect of increasing the earnings per share calculated under the treasury stock method.

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- 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 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1278-109256 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=32703322&loc=d3e4984-109258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 + Details
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