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Earnings per Share
 3 Months Ended
Mar. 31, 2017
Earnings Per Share Basic Other Disclosures Abstract  
Earnings per Share

NOTE 3. EARNINGS PER SHARE

The following table reconciles the number of shares used in calculating basic and diluted earnings per share:

 

 

 

Three Months Ended March 31,

 

(Dollars in thousands, except per share amounts)

 

2017

 

 

2016

 

Net income

 

$

16,921

 

 

$

157

 

 

 

 

 

 

 

 

 

 

Basic weighted-average shares outstanding

 

 

40,777,901

 

 

 

40,875,179

 

Incremental shares due to:

 

 

 

 

 

 

 

 

Performance shares

 

 

257,021

 

 

 

69,292

 

Restricted stock units

 

 

35,687

 

 

 

15,204

 

Diluted weighted-average shares outstanding

 

 

41,070,609

 

 

 

40,959,675

 

 

 

 

 

 

 

 

 

 

Basic net income per share

 

$

0.41

 

 

$

—

 

Diluted net income per share

 

$

0.41

 

 

$

—

 

 

For the three months ended March 31, 2017 and 2016, there were 81,440 and 90,272 stock-based awards that were excluded from the calculation of diluted earnings per share because they were anti-dilutive. Anti-dilutive awards could be dilutive in future periods.