Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.4.0.3
Earnings Per Share
3 Months Ended
Mar. 31, 2016
Earnings Per Share [Abstract]  
Earnings Per Share
11. EARNINGS PER SHARE

The Company reports earnings per share data in accordance ASC Topic 260, “Earnings Per Share.” Effective January 1, 2009, FASB ASC Topic 260 was updated for the issuance of FASB Staff Position (“FSP”) EITF 03-6-1, “Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities”, or FSP EITF 03-6-1, with transition guidance included in FASB ASC Topic 260-10-65-2. Under FSP EITF 03-6-1, unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are participating securities and shall be included in the computation of earnings-per-share pursuant to the two-class method. The Company has calculated its basic and diluted earnings per share using the two-class method. The following table sets forth the computation of basic and diluted earnings per common share utilizing the two-class method.

 

     Three Months
Ended
     Three Months
Ended
 

(in thousands except per share data)

   Mar. 31, 2016      Mar. 31, 2015  

Numerator:

     

Net income attributable to common shareholders

   $ 28,339       $ 22,451   

Denominator:

     

Denominator for basic earnings per share – weighted average shares

     38,411         34,330   

Effect of Dilutive Securities:

     

Stock options and non-vested stock

     252         225   
  

 

 

    

 

 

 

Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversion

     38,663         34,555   

Basic earnings per common share attributable to common shareholders

   $ 0.74       $ 0.65   

Diluted earnings per common share attributable to common shareholders

   $ 0.73       $ 0.65   

Not included in the effect of dilutive securities above are 130,573 unvested restricted shares for the three months ended March 31, 2016, and 171,220 unvested restricted shares for the three months ended March 31, 2015, because their effect would be antidilutive.