Earnings Per Share

9 Months Ended

Sep. 30, 2016

Earnings Per Share [Abstract]

Earnings Per Share

(16)Earnings Per Share

Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock; however, potential common equivalent shares are excluded if their effect is anti-dilutive.

The following table sets forth the reconciliation of basic and diluted net income per share for the three and nine months ended September 30, 2016 and 2015 (in thousands, except per share data):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
Numerator
Net (loss) income attributable to CAI common stockholders used
in the calculation of basic and diluted (loss) earnings per share	$	(5,415)	$	12,989	$	5,508	$	39,420
Denominator
Weighted-average shares used in the calculation of basic (loss)
earnings per share		19,130		20,920		19,427		20,973
Effect of dilutive securities:
Stock options and restricted stock		-		139		71		263
Weighted-average shares used in the calculation of diluted (loss)
earnings per share		19,130		21,059		19,498		21,236
Net (loss) income per share attributable to CAI common stockholders:
Basic	$	(0.28)	$	0.62	$	0.28	$	1.88
Diluted	$	(0.28)	$	0.62	$	0.28	$	1.86

The calculation of diluted earnings per share for the three months ended September 30, 2016 and 2015, excluded from the denominator 1,231,455and 972,992 shares, respectively, of common stock options because their effect would have been anti-dilutive. The calculation of diluted earnings per share for the nine months ended September 30, 2016 and 2015, excluded from the denominator 1,103,495 and670,850 shares, respectively, of common stock option because their effect would have been anti-dilutive.