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Earnings Per Share | 9 Months Ended
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Sep. 30, 2016
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share Earnings per share (“EPS”) is calculated on both a basic and a diluted basis. Basic EPS excludes dilution and is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted from the issuance of common stock that then shared in earnings, excluding common shares in treasury. For diluted EPS, weighted-average number of common shares included the impact of restricted stock under the treasury method. The Company amended all restricted stock agreements with time-based vesting criterion as of September 1, 2015 to allow for the payment of non-forfeitable dividends on unvested restricted stock, accordingly, we adopted the two-class method for EPS calculation pursuant to Accounting Standards Codification ("ASC") 260-10, Earnings Per Share. Unvested restricted stock containing rights to non-forfeitable dividends are considered participating securities prior to vesting and have been included in the earnings allocation in computing basic and diluted EPS under the two-class method. Basic EPS is computed by dividing net income, net of income allocated to participating securities, by the weighted-average number of common shares. For diluted EPS, weighted-average number of common shares include the diluted effect of stock options. The following table is a reconciliation of the components used to derive basic and diluted EPS for the periods indicated:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
| (in thousands, except for share and per share data)
Basic EPS: |  |  |  |  |  |  |
Net income | $ | 13,121 |  |  | $ | 13,959 |  |  | $ | 42,073 |  |  | $ | 38,997 |
Less: income allocated to unvested restricted shares | 81 |  |  | 78 |  |  | 258 |  |  | 78 |
Income allocated to common shares | $ | 13,040 |  |  | $ | 13,881 |  |  | $ | 41,815 |  |  | $ | 38,919 |
Weighted-average shares for basic EPS | 31,912,470 |  |  | 31,799,573 |  |  | 31,880,466 |  |  | 31,774,047 |
Basic EPS | $ | 0.41 |  |  | $ | 0.44 |  |  | $ | 1.31 |  |  | $ | 1.22 |
Effect of dilutive securities - options and unvested restricted stock | 175,763 |  |  | 110,235 |  |  | 150,829 |  |  | 80,977 |
Diluted EPS: |  |  |  |  |  |  |
Income allocated to common shares | $ | 13,040 |  |  | $ | 13,881 |  |  | $ | 41,815 |  |  | $ | 38,919 |
Weighted-average shares for diluted EPS | 32,088,233 |  |  | 31,909,808 |  |  | 32,031,295 |  |  | 31,855,024 |
Diluted EPS | $ | 0.41 |  |  | $ | 0.44 |  |  | $ | 1.31 |  |  | $ | 1.22 |
For the three months ended September 30, 2016 and 2015, stock options of 12,034 and 29,000, respectively, were not included in the computation of diluted EPS because their effect was anti-dilutive. For the nine months ended September 30, 2016 and 2015, stock options of 74,389 and 57,000, respectively, were not included in the computation of diluted EPS because their effect was anti-dilutive.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=64863997&loc=d3e1278-109256 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=64863997&loc=d3e1252-109256 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=65016374&loc=d3e4984-109258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=63488584&loc=d3e20235-122688 + Details
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