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Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2016
Earnings Per Share [Abstract]  
Computation of Basic and Diluted Net Earnings 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 earnings per share (dollars in thousands, except share amounts):

 

 

 

 

 

Year Ended December 31,

 

 

 

2016

 

 

2015

 

 

2014

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

43,840

 

 

$

20,945

 

 

$

5,663

 

Less:  income allocable to participating securities

 

 

(333

)

 

 

(270

)

 

 

—

 

Income allocable to common shares

 

$

43,507

 

 

$

20,675

 

 

$

5,663

 

Add back:  undistributed earnings allocable to participating securities

 

 

333

 

 

 

270

 

 

 

—

 

Less:  undistributed earnings reallocated to participating securities

 

 

(333

)

 

 

(264

)

 

 

—

 

Numerator for diluted earnings per share

 

$

43,507

 

 

$

20,681

 

 

$

5,663

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

50,315,455

 

 

 

50,315,455

 

 

 

49,002,809

 

Weighted average common shares repurchased

 

 

(286,699

)

 

 

—

 

 

 

—

 

Adjustment for vested restricted stock

 

 

7,521,448

 

 

 

6,179,715

 

 

 

781,345

 

Shares for calculating basic earnings per share

 

 

57,550,204

 

 

 

56,495,170

 

 

 

49,784,154

 

Dilutive effect of unvested restricted stock

 

 

1,417,895

 

 

 

1,424,530

 

 

 

2,073,155

 

Shares for calculating diluted earnings per share

 

 

58,968,099

 

 

 

57,919,700

 

 

 

51,857,309

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.76

 

 

$

0.37

 

 

$

0.11

 

Diluted

 

$

0.74

 

 

$

0.36

 

 

$

0.11