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Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2016
Earnings per Weighted Average Common Share  
Computation of basic and diluted EPS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 

 

 

 

 

 

 

 

 

2016

 

 

2015

 

 

2014

Earnings attributable to common shareholders - basic and diluted):

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations

 

$
64,585

 

 

$
(13,853)

 

 

$
59,354

 

Allocation of income for participating shares

 

 
(436)

 

 

 

 —

 

 

 
(567)

(1)

Net income (loss) from continuing operations attributed to common shareholders

 

$
64,149

 

 

$
(13,853)

 

 

$
58,787

(1)

Earnings per share denominator - basis and diluted

 

 

 

 

 

 

 

 

 

 

 

 

Total weighted average common shares outstanding, including participating shares

 

 
15,048,048

 

 

 
14,985,475

 

 

 
15,107,339

 

Less: weighted average participating shares

 

 
(101,595)

 

 

 
(118,868)

 

 

 
(144,292)

 

Basic earnings per share denominator

 

 
14,946,453

 

 

 
14,866,607

 

 

 
14,963,047

(1)

Common equivalent shares- stock options

 

 
134

 

 

 

 —

(2)

 

 
2,391

 

Common equivalent shares- non-vested performance stock grants

 

 
85,676

 

 

 

 —

(3)

 

 
87,307

 

Diluted earnings per share denominator

 

 
15,032,263

 

 

 
14,866,607

 

 

 
15,052,745

(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per share

 

$
4.29

 

 

$
(0.93)

 

 

$
3.93

 

Diluted earnings (loss) per share

 

$
4.27

 

 

$
(0.93)

 

 

$
3.91

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Undistributed (loss) earnings attributable to common shareholders - basic and diluted:

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations attributable to common shareholders -Basic

 

$
4.29

 

 

$
(0.93)

 

 

$
3.93

 

Dividends declared

 

 
(2.80)

 

 

 
(2.80)

 

 

 
(2.60)

 

Undistributed earnings (loss)

 

$
1.49

 

 

$
(3.73)

 

 

$
1.33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations attributable to common shareholders -Diluted

 

$
4.27

 

 

$
(0.93)

 

 

$
3.91

 

Dividends declared

 

 
(2.80)

 

 

 
(2.80)

 

 

 
(2.60)

 

Undistributed earnings (loss)

 

$
1.47

 

 

$
(3.73)

 

 

$
1.31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) The 2014 basic and diluted earnings per share denominator was revised to correct the allocation of net income to participating securities under the two-class method.    The revision did not yield in a change to basic or diluted earnings per share.  The Company evaluated the materiality of these revisions in accordance with SEC Staff Accounting Bulletin No. 99, Materiality, and SEC Staff Accounting Bulletin No. 108, Considering the Effects of Prior Year Misstatements When Quantifying Misstatements in Current Year Financial Statements, and concluded that these revisions, individually and in the aggregate, were immaterial to all prior periods.   The 2014 basic earnings per share denominator as originally reported was 15,107,339 and the 2014 diluted earnings per share denominator as originally reported was 15,197,036.  

(2) Excludes 1,587 of common equivalent shares related to stock options because their inclusion would be anti-dilutive due to the net loss of the Company.

(3) Excludes 46,805 of common equivalent shares related to non-vested performance shares because their inclusion would be anti-dilutive due to the net loss of the Company.