Earnings Per Share

9 Months Ended

Sep. 30, 2016

NOTE 11. EARNINGS PER SHARE (EPS)

The Company had dividend eligible shares of restricted common stock and Performance Units that were outstanding during the nine and three months ended September 30, 2016. The basic and diluted per share computations include these unvested shares of restricted common stock and performance units if there is income available to common stock, as they have dividend participation rights. The shares of restricted common stock and Performance Units have no contractual obligation to share in losses. Because there is no such obligation, the shares of restricted common stock and Performance Units are not included in the basic and diluted EPS computations when no income is available to common stock even though they are considered participating securities.

The table below reconciles the numerator and denominator of EPS for the nine and three months ended September 30, 2016 and 2015.

(in thousands, except per-share information)
				Nine Months Ended September 30,				Three Months Ended September 30,
				2016		2015		2016		2015
Basic and diluted EPS per common share:
Numerator for basic and diluted EPS per common share:
	Net income (loss) - Basic and diluted		$	22,397	$	(6,738)	$	20,526	$	(9,417)
Weighted average common shares:
	Common shares outstanding at the balance sheet date			26,252		21,893		26,252		21,893
	Unvested dividend eligible share based compensation
		outstanding at the balance sheet date		55		-		55		-
	Effect of weighting			(3,688)		(2,167)		(2,174)		652
Weighted average shares-basic and diluted				22,619		19,726		24,133		22,545
Net Income (loss) per common share:
	Basic and diluted		$	0.99	$	(0.34)	$	0.85	$	(0.42)

The average number of restricted common stock and Performance Units that were anti-dilutive and not included in diluted earnings per share for the nine and three months ended September 30, 2015 were 26,300 and 23,508, respectively.