Earnings Per Share

6 Months Ended

Jun. 30, 2016

(8) Earnings Per Share

Basic earnings per share was computed by dividing net income by the weighted-average number of Common Shares outstanding for each respective period. Diluted earnings per share was calculated by dividing net income by the weighted-average of all potentially dilutive Common Shares that were outstanding during the periods presented.

Weighted-average Common Shares outstanding used in calculating basic and diluted earnings per share were as follows:


	Three months ended		Six months ended
	June 30,		June 30,
	2016	2015	2016	2015
Basic weighted-average Common Shares outstanding	27,790,639	27,307,864	27,733,288	27,226,868
Effect of dilutive shares	471,515	637,060	474,466	635,703
Diluted weighted-average Common Shares outstanding	28,262,154	27,944,924	28,207,754	27,862,571

Performance-based restricted Common Shares outstanding at June 30, 2016 and 2015 were 0 and 134,250, respectively. There were also 819,914 and 573,885 performance-based right to receive Common Shares outstanding at June 30, 2016 and 2015, respectively. These performance-based restricted and right to receive Common Shares are included in the computation of diluted earnings per share based on the number of Common Shares that would be issuable if the end of the quarter were the end of the contingency period.