Earnings Per Share

9 Months Ended

Sep. 30, 2015

Earnings Per Share [Abstract]

Earnings Per Share

4. Earnings Per Share

The following represents a reconciliation of the numerator and denominator of the basic and diluted earnings per share computations contained in the condensed consolidated financial statements.

	Three Months Ended  September 30,					Nine Months Ended  September 30,
	2015			2014		2015			2014
	(in thousands)
Net income to shareholders	$	18,961		$	17,168	$	40,827		$	35,819
Weighted average common shares outstanding:
Basic		28,735,087			28,540,350		28,608,398			28,540,350
Common share equivalents		683,164			253,465		636,122			247,150
Diluted		29,418,251			28,793,815		29,244,520			28,787,500
Earnings per share:
Basic	$	0.66		$	0.60	$	1.43		$	1.26
Common share equivalents		(0.02	)		-		(0.03	)		(.02	)
Diluted	$	0.64		$	0.60	$	1.40		$	1.24

Common share equivalents relate to stock options and restricted share units (“RSU’s”). For the three months ended September 30, 2015 and 2014, common share equivalents of 10,627 and 25,000 shares, respectively, are excluded from the calculations of diluted earnings per share as their effects are anti-dilutive. For the nine months ended September 30, 2015 and 2014, common share equivalents of 5,761 and 25,000 shares, respectively, are excluded from the calculations of diluted earnings per share as their effects are anti-dilutive.