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EARNINGS PER SHARE | 6 Months Ended
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Jun. 30, 2017
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 |  | Six Months Ended |
|  | June 30 |  | June 30 |
|  | 2017 |  | 2016 |  | 2017 |  | 2016 |
|  | (in thousands, except share and per share data) |
Basic |  |  |  |  |  |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 15,777 |  | $ | 10,231 |  | $ | 8,370 |  | $ | 4,128 |
Effect of unvested restricted stock awards |  |  | (65) |  |  | (81) |  |  | (50) |  |  | (38) |
Adjusted net income |  | $ | 15,712 |  | $ | 10,150 |  | $ | 8,320 |  | $ | 4,090 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average shares |  |  | 25,767,791 |  |  | 25,791,026 |  |  | 25,726,363 |  |  | 25,806,774 |
Earnings per common share |  | $ | 0.61 |  | $ | 0.39 |  | $ | 0.32 |  | $ | 0.16 |
Diluted |  |  |  |  |  |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 15,777 |  | $ | 10,231 |  | $ | 8,370 |  | $ | 4,128 |
Effect of unvested restricted stock awards |  |  | (64) |  |  | (80) |  |  | (50) |  |  | (38) |
Adjusted net income |  | $ | 15,713 |  | $ | 10,151 |  | $ | 8,320 |  | $ | 4,090 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average shares |  |  | 25,767,791 |  |  | 25,791,026 |  |  | 25,726,363 |  |  | 25,806,774 |
Effect of dilutive securities |  |  | 523,850 |  |  | 455,842 |  |  | 652,073 |  |  | 488,909 |
Adjusted weighted-average shares and assumed conversions |  |  | 26,291,641 |  |  | 26,246,868 |  |  | 26,378,436 |  |  | 26,295,683 |
Earnings per common share |  | $ | 0.60 |  | $ | 0.39 |  | $ | 0.32 |  | $ | 0.16 |
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 subsequent to 2015 are not participating securities. Outstanding stock awards of less than 0.1 million for the three and six months ended June 30, 2017 and 0.4 million for the 2016 periods, 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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