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EARNINGS PER SHARE | 9 Months Ended
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Sep. 30, 2016
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 |  |
|  | 2016 |  | 2015 |  | 2016 |  | 2015 |  |
|  | (in thousands, except share and per share data) |  |
Basic |  |  |  |  |  |  |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 12,940 |  | $ | 19,154 |  | $ | 17,068 |  | $ | 39,866 |  |
Effect of unvested restricted stock awards |  |  | (89) |  |  | (175) |  |  | (132) |  |  | (418) |  |
Adjusted net income |  | $ | 12,851 |  | $ | 18,979 |  | $ | 16,936 |  | $ | 39,448 |  |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average shares |  |  | 25,724,550 |  |  | 26,009,344 |  |  | 25,779,166 |  |  | 26,033,467 |  |
Earnings per common share |  | $ | 0.50 |  | $ | 0.73 |  | $ | 0.66 |  | $ | 1.52 |  |
Diluted |  |  |  |  |  |  |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 12,940 |  | $ | 19,154 |  | $ | 17,068 |  | $ | 39,866 |  |
Effect of unvested restricted stock awards |  |  | (87) |  |  | (172) |  |  | (131) |  |  | (410) |  |
Adjusted net income |  | $ | 12,853 |  | $ | 18,982 |  | $ | 16,937 |  | $ | 39,456 |  |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average shares |  |  | 25,724,550 |  |  | 26,009,344 |  |  | 25,779,166 |  |  | 26,033,467 |  |
Effect of dilutive securities |  |  | 486,974 |  |  | 499,138 |  |  | 484,566 |  |  | 536,333 |  |
Adjusted weighted-average shares and assumed conversions |  |  | 26,211,524 |  |  | 26,508,482 |  |  | 26,263,732 |  |  | 26,569,800 |  |
Earnings per common share |  | $ | 0.49 |  | $ | 0.72 |  | $ | 0.64 |  | $ | 1.48 |  |
Under the two-class method of calculating earnings per share, dividends paid and a portion of undistributed net income, but not losses, are allocated to unvested RSUs that receive dividends, which are considered participating securities. Beginning with 2015 grants, the RSU agreements were modified to remove dividend rights; therefore, the RSUs granted in 2015 and 2016 are not participating securities. Outstanding stock awards of 0.3 million and 0.4 million for the three and nine months ended September 30, 2016, respectively, and outstanding stock awards of 0.4 million and 0.2 million for the three and nine months ended September 30, 2015, respectively, were not included in the diluted earnings per share calculation because their inclusion would have the effect of increasing earnings per share.

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