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EARNINGS PER SHARE | 9 Months Ended
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Sep. 30, 2018
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 |
|  | 2018 |  | 2017 |  | 2018 |  | 2017 |
|  | (in thousands, except share and per share data) |
Basic |  |  |  |  |  |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 40,776 |  | $ | 14,788 |  | $ | 51,963 |  | $ | 23,158 |
Effect of unvested restricted stock awards |  |  | (98) |  |  | (44) |  |  | (128) |  |  | (106) |
Adjusted net income |  | $ | 40,678 |  | $ | 14,744 |  | $ | 51,835 |  | $ | 23,052 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average shares |  |  | 25,697,509 |  |  | 25,671,535 |  |  | 25,670,435 |  |  | 25,699,306 |
Earnings per common share |  | $ | 1.58 |  | $ | 0.57 |  | $ | 2.02 |  | $ | 0.90 |
Diluted |  |  |  |  |  |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 40,776 |  | $ | 14,788 |  | $ | 51,963 |  | $ | 23,158 |
Effect of unvested restricted stock awards |  |  | (94) |  |  | (43) |  |  | (124) |  |  | (104) |
Adjusted net income |  | $ | 40,682 |  | $ | 14,745 |  | $ | 51,839 |  | $ | 23,054 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average shares |  |  | 25,697,509 |  |  | 25,671,535 |  |  | 25,670,435 |  |  | 25,699,306 |
Effect of dilutive securities |  |  | 1,098,150 |  |  | 721,824 |  |  | 1,037,824 |  |  | 674,076 |
Adjusted weighted-average shares and assumed conversions |  |  | 26,795,659 |  |  | 26,393,359 |  |  | 26,708,259 |  |  | 26,373,382 |
Earnings per common share |  | $ | 1.52 |  | $ | 0.56 |  | $ | 1.94 |  | $ | 0.87 |
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. For each of the three- and nine-month periods ended September 30, 2018 and 2017, outstanding stock awards of 0.1 million were not included in the diluted earnings per share calculation because their inclusion would have the effect of increasing the earnings per share.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 + Details
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