Earnings Per Share

12 Months Ended

Dec. 31, 2016

(19)Earnings per Share

Basic earnings per share is computed by dividing income attributable to CAI 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 years ended December 31, 2016, 2015 and 2014 (in thousands, except per share data):



	Year Ended December 31,
	2016		2015 (1)		2014 (1)
Numerator
Net income attributable to CAI common stockholders used in the calculation
of basic and diluted earnings per share	$	5,997	$	26,601	$	59,887
Denominator
Weighted-average shares used in the calculation of basic earnings per share		19,318		20,773		20,732
Effect of dilutive securities:
Stock options and restricted stock		75		215		423
Weighted-average shares used in the calculation of diluted earnings per share		19,393		20,988		21,155

Net income per share attributable to CAI common stockholders:
Basic	$	0.31	$	1.28	$	2.89
Diluted	$	0.31	$	1.27	$	2.83

(1)

Amounts for the years ended December 31, 2015 and 2014 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) “Correction of Immaterial Errors”).

The calculation of diluted income per share for the years ended December 31, 2016, 2015 and 2014 excluded from the denominator 1,135,711 shares, 763,847 shares and 600,450 shares, respectively, of common stock options granted to employees and directors because their effect would have been anti-dilutive.