Earnings Per Share

3 Months Ended

Mar. 31, 2017

EARNINGS PER SHARE

Basic and diluted earnings per common share (“EPS”) for the three months ended March 31, 2017 and 2016 were as follows:



	Three Months Ended March 31,
	2017			2016
	(in thousands)
Numerator:
Net income attributable to common stockholders	$	7,155		$	6,361
Less: adjustment for income allocated to participating securities	(1,127		)	(1,010		)
Net income attributable to common stockholders - basic and diluted	$	6,028		$	5,351
Denominator:
Weighted average common shares outstanding - basic	73,810			73,087
Plus: dilutive effect of stock options and unvested restricted stock units	751			946
Weighted average common shares outstanding - diluted	74,561			74,033

Net income per common share:
Basic	$	0.08		$	0.07
Diluted	$	0.08		$	0.07

Diluted EPS is calculated using the two-class method. For the three months ended March 31, 2017 and 2016, 0.8 million and 1.9 million options and restricted stock units, respectively, were excluded from the calculation of diluted EPS under the two-class method because the effect was anti-dilutive. If converted, Series A preferred stock would represent approximately 15.7% of the Company's common stock outstanding, or 13.8 million additional common shares as of March 31, 2017.