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Earnings Per Share | 3 Months Ended
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Mar. 31, 2017
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. 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 March 31,
| 2017 |  | 2016
| (in thousands, except for share and per share data)
Basic EPS: |  |  |
Net income | $ | 13,783 |  |  | $ | 14,804 |
Less: income allocated to unvested restricted shares | 84 |  |  | 79 |
Income allocated to common shares | $ | 13,699 |  |  | $ | 14,725 |
Weighted-average shares for basic EPS | 32,001,766 |  |  | 31,846,371 |
Basic EPS | $ | 0.43 |  |  | $ | 0.46 |
Effect of dilutive securities - options and unvested restricted stock | 189,692 |  |  | 81,732 |
Diluted EPS: |  |  |
Income allocated to common shares | $ | 13,699 |  |  | $ | 14,725 |
Weighted-average shares for diluted EPS | 32,191,458 |  |  | 31,928,103 |
Diluted EPS | $ | 0.43 |  |  | $ | 0.46 |
There were no stock options with an anti-dilutive effect for the three months ended March 31, 2017. For the three months ended March 31, 2016, 109,750 stock options were not included in the computation of diluted EPS because their effect was anti-dilutive.

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