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Earnings Per Share | 12 Months Ended
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Dec. 31, 2015
Earnings Per Share [Abstract] |
Earnings Per Share |
13. | Earnings Per Share
Diluted earnings per share includes common shares assumed issued under the “treasury stock method,” which reflects the potential dilution that would occur if any outstanding options are exercised. Diluted earnings per share also includes the “if converted” method for participating securities if the result is dilutive. Diluted EPS is calculated as the more dilutive result of either the treasury method or the two-class method. The calculation of basic and diluted EPS for the years ended December 31, 2015, 2014 and 2013 are presented below.
|  | For the Year Ended December 31, |
| 2015 |  |  | 2014 |  |  | 2013 |
|  | (in thousands, except earnings per share amounts) |
Basic EPS: |  |  |  |  |  |  |  |  |  |  |  |
Net income, as reported |  | $ | 70,462 |  |  | $ | 53,666 |  |  | $ | 43,637 |
Less allocated income to participating securities |  |  | — |  |  |  | — |  |  |  | 142 |
Net income available to common shareholders – basic |  | $ | 70,462 |  |  | $ | 53,666 |  |  | $ | 43,495 |
Basic weighted-average common shares |  |  | 18,941 |  |  |  | 18,646 |  |  |  | 18,373 |
Basic earnings per share |  | $ | 3.72 |  |  | $ | 2.88 |  |  | $ | 2.37 |
Diluted EPS: |  |  |  |  |  |  |  |  |  |  |  |
Net income available to common shareholders—diluted |  | $ | 70,462 |  |  | $ | 53,666 |  |  | $ | 43,495 |
Diluted weighted average common shares: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares |  |  | 18,941 |  |  |  | 18,646 |  |  |  | 18,373 |
Stock options and performance shares |  |  | 178 |  |  |  | 282 |  |  |  | 376 |
Diluted weighted average common shares |  |  | 19,119 |  |  |  | 18,928 |  |  |  | 18,749 |
Diluted earnings per common share |  | $ | 3.69 |  |  | $ | 2.84 |  |  | $ | 2.32 |
The table below sets forth the reconciliation of the weighted average shares used for the basic and diluted EPS calculation. Under the two-class method, unvested stock options, and out-of-money vested stock options are not considered to be participating securities.
|  | Years Ended |
| 2015 |  |  | 2014 |  |  | 2013 |
Basic weighted average common shares |  |  | 18,941,077 |  |  |  | 18,646,128 |  |  |  | 18,373,033 |
Add: Other common shares eligible for common dividends: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average restricted shares and stock options (including tax benefit component) |  |  | 178,109 |  |  |  | 282,376 |  |  |  | 375,776 |
Diluted weighted average common shares |  |  | 19,119,186 |  |  |  | 18,928,504 |  |  |  | 18,748,809 |

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