Earnings Per Share

9 Months Ended

Sep. 30, 2016

Earnings Per Share

Note 8 — Earnings Per Share

The following table is a reconciliation of the weighted average shares used in the computation of earnings per share for the periods presented (in thousands, except per share data):

	Three Months Ended September 30,
	2015						2016
	Income		Weighted Average Shares		Per- Share		Income		Weighted Average Shares		Per- Share
Earnings per share – basic
Net income available to common stockholders	$	45,845		18,559	$	2.47	$	30,612		16,044	$	1.91
Effect of dilutive securities:
Convertible senior notes		1,779		23,369				1,840		23,081
Unvested performance stock grants		—		409				—		164
Unvested restricted stock grants		—		225				—		215
Earnings per share – diluted
Net income available to common stockholders plus assumed exercises and conversion	$	47,624		42,562	$	1.12	$	32,452		39,504	$	0.82

	Nine Months Ended September 30,
	2015						2016
	Income		Weighted Average Shares		Per- Share		Income		Weighted Average Shares		Per- Share
Earnings per share – basic
Net income available to common stockholders	$	32,584		18,929	$	1.72	$	8,828		16,561	$	0.53
Effect of dilutive securities:
Convertible senior notes		5,516		23,369				5,557		23,123
Unvested performance stock grants		—		284				—		115
Unvested restricted stock grants		—		155				—		117
Earnings per share – diluted
Net income available to common stockholders plus assumed exercises and conversion	$	38,100		42,737	$	0.89	$	14,385		39,916	$	0.36

Basic earnings per share is calculated using the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated using the weighted average number of common shares and common share equivalents outstanding during the period (which consist of warrants, options and convertible debt to the extent they are dilutive). The weighted average number of common shares outstanding excludes shares repurchased pursuant to a prepaid forward share repurchase agreement (See Note 9). Common share equivalents that could potentially dilute basic earnings per share in the future, which were excluded from the computation of diluted earnings per share due to being anti-dilutive, totaled approximately 2,679,155 and 2,407,225 for the three months ended September 30, 2015 and 2016, respectively, and approximately 2,634,393 and 2,227,787 for the nine months ended September 30, 2015 and 2016, respectively.