Earnings Per Share

3 Months Ended

Mar. 31, 2017

(9) 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. As the Company adopted ASU 2016-09 on January 1, 2017 utilizing the prospective transition method, the weighted-average dilutive Common Shares calculation excludes the excess tax benefit from the treasury stock method for the three months ended March 31, 2017, while the calculation includes the excess tax benefits in the treasury stock method for the three months ended March 31, 2016.

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




Three months ended March 31,	2017	2016
Basic weighted-average Common Shares outstanding	27,916,652	27,675,938
Effect of dilutive shares	663,545	479,835
Diluted weighted-average Common Shares outstanding	28,580,197	28,155,773

There were no performance-based restricted Common Shares outstanding at March 31, 2017 or 2016. There were 750,720 and 803,100 performance-based right to receive Common Shares outstanding at March 31, 2017 and 2016, respectively. These 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.