Earnings Per Share

6 Months Ended

Jun. 30, 2016

The following table sets forth the computation of the basic and diluted earnings per share for the three and six months ended June 30, 2015 and 2016 (in thousands, except per share data):



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2015			2016			2015			2016
Numerator for basic and diluted earnings per share:
Net income	$	4,557		$	5,200		$	10,975		$	9,771
Less: Earnings allocated to unvested restricted stock	(53		)	(36		)	(146		)	(77		)
Income attributable to common stockholders	$	4,504		$	5,164		$	10,829		$	9,694

Denominator:
Denominator for basic earnings per common share - weighted average shares outstanding	18,268			16,516			18,238			16,488
Effect of dilutive securities:
Stock options	261			259			255			224
Convertible subordinated notes	351			300			351			150
Denominator for diluted earnings per common share - weighted average shares outstanding	18,880			17,075			18,844			16,862

Basic earnings per common share:	$	0.25		$	0.31		$	0.59		$	0.59
Diluted earnings per common share:	$	0.24		0.30			$	0.57		0.57

The fully diluted weighted average shares outstanding for the three and six months ended June 30, 2016 and the corresponding calculation of fully diluted earnings per share, include approximately 300,000 and 150,000 shares that would have been issued upon the conversion of our convertible subordinated notes as a result of the application of the if-converted method prescribed by the FASB ASC 260, respectively. There were 351,000 shares for the three and six months ended June 30, 2015 that would have been issued upon conversion under the if-converted method.

For the three and six months ended June 30, 2016, no stock options were excluded from the computation of diluted earnings per share. For the three and six months ended June 30, 2015, 25,000 stock options were excluded because the inclusion of such stock options would result in an antidilutive effect.