Earnings Per Share

3 Months Ended

Mar. 31, 2015

The following table sets forth the computation of the basic and diluted earnings per share for the three months ended March 31, 2015 and 2016 (in thousands, except per share data):



	For the Three Months Ended March 31,
	2015			2016
Numerator for basic and diluted earnings per share:
Net income	$	6,418		$	4,571
Less: Earnings allocated to unvested restricted stock	(100		)	(41		)
Income attributable to common stockholders	$	6,318		$	4,530

Denominator:
Denominator for basic earnings per common share - weighted average shares outstanding	18,208			16,459
Effect of dilutive securities:
Stock options	248			191
Convertible subordinated notes	348			—
Denominator for diluted earnings per common share - weighted average shares outstanding	18,804			16,650

Basic earnings per common share:
Basic earnings per common share:	$	0.35		$	0.27
Diluted earnings per common share:	$	0.34		$	0.27

The fully diluted weighted average shares outstanding for the three months ended March 31, 2015, and the corresponding calculation of fully diluted earnings per share, include approximately 348,000 shares that would have been issued upon the conversion of our Convertible Notes as a result of the application of the if-converted method prescribed by the FASB ASC 260. There were no shares that would have been issued upon conversion of our Convertible Notes as of March 31, 2016.

For the three months ended March 31, 2016, 538,000 stock options were excluded from the computation of diluted earnings per share because the inclusion of such stock options would result in an antidilutive effect. For the three months ended March 31, 2015, 25,000 stock options were excluded.