Earnings Per Share

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2017, while the calculation includes the excess tax benefits using the treasury stock method for the three and six months ended June 30, 2016.

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,
	2017	2016	2017	2016
Basic weighted-average Common Shares outstanding	28,133,432	27,790,639	28,025,805	27,733,288
Effect of dilutive shares	384,010	471,515	504,874	474,466
Diluted weighted-average Common Shares outstanding	28,517,442	28,262,154	28,530,679	28,207,754

There were no performance-based restricted Common Shares outstanding at June 30, 2017 or 2016. There were 753,150 and 819,914 performance-based right to receive Common Shares outstanding at June 30, 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.