Earnings Per Share

9 Months Ended

Sep. 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		Nine months ended
	September 30,		September 30,
	2016	2015	2016	2015
Basic weighted-average Common Shares outstanding	27,792,469	27,444,221	27,753,015	27,299,319
Effect of dilutive shares	566,808	563,988	513,074	627,723
Diluted weighted-average Common Shares outstanding	28,359,277	28,008,209	28,266,089	27,927,042

Performance-based restricted Common Shares outstanding at September 30, 2016 and 2015 were 0 and 134,250, respectively. There were also 843,140 and 573,885 performance-based right to receive Common Shares outstanding at September 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.