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EARNINGS PER SHARE ("EPS")
 9 Months Ended
Sep. 30, 2016
EARNINGS PER SHARE ("EPS") [Abstract]  
EARNINGS PER SHARE ("EPS")
6.
EARNINGS PER SHARE ("EPS")

Basic EPS is computed by dividing income attributable to Common Stock by the weighted-average common shares outstanding during the reporting period.  Diluted EPS is computed using the same method as basic EPS, but reflects the potential dilution that would occur if "in the money" stock options were exercised and converted into Common Stock, and likely aggregate Long-term Incentive Plan (“LTIP”) share payout.  In determining the weighted average shares outstanding for basic and diluted EPS, treasury stock and unallocated ESOP shares are excluded.  Vested restricted stock award shares are included in the calculation of the weighted average shares outstanding for basic and diluted EPS.  Unvested restricted stock award shares and LTIP shares not yet awarded are recognized as a special class of participating securities under ASC 260.
 
The following is a reconciliation of the numerators and denominators of basic EPS and diluted EPS for the periods presented:

  
Three Months Ended
September 30,
  
Nine Months Ended
September 30,
 
  
2016
  
2015
  
2016
  
2015
 
Net income per the Consolidated Statements of Income
 
$
10,537
  
$
10,081
  
$
71,782
  
$
33,388
 
Less: Dividends paid and earnings allocated to participating securities
  
(26
)
  
(31
)
  
(85
)
  
(105
)
Income attributable to Common Stock
 
$
10,511
  
$
10,050
  
$
71,697
  
$
33,283
 
Weighted average common shares outstanding, including participating securities
  
36,910,594
   
36,552,925
   
36,904,324
   
36,414,645
 
Less: weighted average participating securities
  
(168,767
)
  
(224,102
)
  
(209,152
)
  
(252,162
)
Weighted average common shares outstanding
  
36,741,827
   
36,328,823
   
36,695,172
   
36,162,483
 
Basic EPS
 
$
0.29
  
$
0.28
  
$
1.95
  
$
0.92
 
Income attributable to Common Stock
 
$
10,511
  
$
10,050
  
$
71,697
  
$
33,283
 
Weighted average common shares outstanding
  
36,741,827
   
36,328,823
   
36,695,172
   
36,162,483
 
Weighted average common equivalent shares outstanding
  
46,480
   
92,631
   
61,446
   
87,887
 
Weighted average common and equivalent shares outstanding
  
36,788,307
   
36,421,454
   
36,756,618
   
36,250,370
 
Diluted EPS
 
$
0.29
  
$
0.28
  
$
1.95
  
$
0.92
 

Common equivalent shares resulting from the dilutive effect of "in-the-money" outstanding stock options are calculated based upon the excess of the average market value of the Common Stock over the exercise price of outstanding in-the-money stock options during the period.

There were 79,783 and 80,000 weighted-average stock options outstanding for the three-month periods ended September 30, 2016 and 2015, respectively, which were not considered in the calculation of diluted EPS since their exercise prices exceeded the average market price during the period.  There were 79,927 and 132,976 weighted-average stock options outstanding for the nine-month periods ended September 30, 2016 and 2015, respectively, which were not considered in the calculation of diluted EPS since their exercise prices exceeded the average market price during the period.

For information about the calculation of likely aggregate LTIP share payout, see Footnote 7.