10.	EARNINGS PER SHARE

Basic earnings per share is based on the weighted average number of shares of common stock outstanding for the period. Diluted earnings per share is computed in a similar manner to basic earnings per share after assuming the issuance of shares of common stock for all potentially dilutive shares of restricted stock whether or not they are vested.

In accordance with ASC Topic 260, “Earnings Per Share,” the two-class method determines earnings for each class of common stock and participating securities according to an earnings allocation formula that adjusts the income available to common stockholders for dividends or dividend equivalents and participation rights in undistributed earnings. Certain unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are participating securities and, therefore, are included in computing earnings per share pursuant to the two-class method. The outstanding shares of restricted stock granted in 2015 are considered participating securities, while all other outstanding shares of restricted stock are not considered participating securities.

The following is a reconciliation of net income and the number of shares of common stock used in the computation of basic and diluted earnings per share:

	Three Months Ended June 30,						Six Months Ended June 30,
				2017						2017
	2018			*As Adjusted			2018			*As Adjusted
Numerator:
Net income	$	35,722		$	20,016		$	76,882		$	53,710
Less: income allocable to participating securities		(83	)		(69	)		(179	)		(187	)
Income allocable to common shares	$	35,639		$	19,947		$	76,703		$	53,523
Add back: undistributed earnings allocable to participating securities	$	83		$	69		$	179		$	187
Less: undistributed earnings reallocated to participating securities		(82	)		(68	)		(176	)		(183	)
Numerator for diluted earnings per share	$	35,640		$	19,948		$	76,706		$	53,527
Denominator:
Basic weighted average shares outstanding		57,837,312			57,898,914			57,815,290			57,623,107
Dilutive effect of unvested restricted stock		883,473			917,528			951,613			1,194,074
Diluted weighted average shares outstanding		58,720,785			58,816,442			58,766,903			58,817,181
Earnings per share:
Basic	$	0.62		$	0.34		$	1.33		$	0.93
Diluted	$	0.61		$	0.34		$	1.31		$	0.91

* Prior year amounts have been recast to reflect the adoption of ASU 2014-09. See Note 2 for description of adjustments.