EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2017

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, 2017. 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, 2017 and 2016.

(in thousands, except per-share information)
				Nine Months Ended September 30,				Three Months Ended September 30,
				2017		2016		2017		2016
Basic and diluted EPS per common share:
Numerator for basic and diluted EPS per common share:
	Net income - Basic and diluted		$	7,989	$	22,397	$	15,183	$	20,526
Weighted average common shares:
	Common shares outstanding at the balance sheet date			45,308		26,252		45,308		26,252
	Unvested dividend eligible share based compensation
		outstanding at the balance sheet date		47		55		47		55
	Effect of weighting			(6,747)		(3,688)		-		(2,174)
Weighted average shares-basic and diluted				38,608		22,619		45,355		24,133
Net Income per common share:
	Basic and diluted		$	0.21	$	0.99	$	0.33	$	0.85