Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2015

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Income Per Share

The following is a reconciliation of net income and the shares of common stock used in the computation of basic and diluted net income per share (dollars in thousands):

	Three Months Ended					Nine Months Ended
	September 30, 2015			September 30, 2014		September 30, 2015			September 30, 2014
Numerator:
Net income	$	3,847		$	2,690	$	15,788		$	3,157
Less:  income allocable to participating securities		(49	)		—		(205	)		—
Income allocable to common shares	$	3,798		$	2,690	$	15,583		$	3,157
Add back:  undistributed earnings allocable to participating securities		49			—		205			—
Less:  undistributed earnings reallocated to participating securities		(49	)		—		(200	)		—
Numerator for diluted earnings per share	$	3,798		$	2,690	$	15,588		$	3,157
Denominator:
Weighted average common shares    outstanding		50,315,455			51,056,462		50,315,455			49,040,344
Adjustment for vested restricted stock		6,735,229			-		5,972,524			-
Shares for calculating basic EPS		57,050,684			51,056,462		56,287,979			49,040,344
Dilutive effect of unvested restricted stock		1,317,146			1,921,589		1,483,701			2,182,704
Shares for calculating diluted EPS		58,367,830			52,978,051		57,771,680			51,223,048
Net income per share:
Basic	$	0.07		$	0.05	$	0.28		$	0.06
Diluted	$	0.07		$	0.05	$	0.27		$	0.06