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EARNINGS PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2017
EARNINGS PER SHARE  
Schedule of computation of basic and diluted earnings (loss) per share

The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2017

    

2016

    

2015

 

 

 

(in thousands, except share and per share data)

 

Basic

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

Net income

 

$

59,726

 

$

18,652

 

$

44,854

 

Effect of unvested restricted stock awards

 

 

(238)

 

 

(138)

 

 

(450)

 

Adjusted net income

 

$

59,488

 

$

18,514

 

$

44,404

 

Denominator:

 

 

 

 

 

 

 

 

 

 

Weighted-average shares

 

 

25,683,745

 

 

25,751,544

 

 

26,013,716

 

Earnings per common share

 

$
2.32

 

$

0.72

 

$

1.71

 

 

 

 

 

 

 

 

 

 

 

 

Diluted

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

Net income

 

$

59,726

 

$

18,652

 

$

44,854

 

Effect of unvested restricted stock awards

 

 

(233)

 

 

(137)

 

 

(443)

 

Adjusted net income

 

$

59,493

 

$

18,515

 

$

44,411

 

Denominator:

 

 

 

 

 

 

 

 

 

 

Weighted-average shares

 

 

25,683,745

 

 

25,751,544

 

 

26,013,716

 

Effect of dilutive securities

 

 

740,644

 

 

505,026

 

 

516,411

 

Adjusted weighted-average shares and assumed conversions

 

 

26,424,389

 

 

26,256,570

 

 

26,530,127

 

Earnings per common share

 

$
2.25

 

$

0.71

 

$

1.67