Earnings Per Share

9 Months Ended

Sep. 30, 2016

Earnings Per Share

Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution of common stock equivalent shares that could occur if all unvested shares were to vest. Common stock equivalent shares are calculated using the treasury stock method, as applicable. The dilutive effect is computed by dividing earnings applicable to common stock by the weighted average number of common shares outstanding plus the effect of the outstanding unvested performance share awards. Average shares used in computing the basic and diluted earnings per share are as follows:



	Three Months Ended
	September 30, 2016	September 30, 2015
Basic computation	48,314,783	47,065,082
Dilutive effect of:
Performance share awards (1)	154,537	245,463

Diluted computation	48,469,320	47,310,545



	Nine Months Ended
	September 30, 2016	September 30, 2015
Basic computation	48,288,678	47,028,924
Dilutive effect of:
Performance share awards (1)	154,889	245,460

Diluted computation	48,443,567	47,274,384

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(1) Performance share awards are included in diluted weighted average number of shares outstanding based upon what would be issued if the end of the most recent reporting period was the end of the term of the award.