Earnings per Common Share

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Earnings per Common Share

Earnings per Common Share

Basic earnings per common share is calculated by dividing net income by the weighted average number of common shares outstanding during the period presented, excluding unvested restricted stock. Diluted earnings per share is calculated by dividing net income by the weighted average number of common shares determined for the basic earnings per share computation plus the dilutive effects of stock-based compensation using the treasury stock method.

The following table sets forth the computation of basic and diluted earnings per share for the three month periods ended March 31, 2014 and 2013.

	Three Months Ended March 31,
	2014		2013
Net income	$	21,393	$	20,044
Weighted average common shares outstanding for basic earnings per share computation	43,997,815		43,140,409
Dilutive effects of stock-based compensation	622,961		287,973
Weighted average common shares outstanding for diluted earnings per common share computation	44,620,776		43,428,382
Basic earnings per common share	$	0.49	$	0.46
Diluted earnings per common share	$	0.48	$	0.46

The Company had 111,417 and 61,760 shares of unvested restricted stock as of March 31, 2014 and 2013, respectively, that were not included in the computation of diluted earnings per common share because performance conditions for vesting had not been met. In addition, the Company had 1,025,419 stock options outstanding as of March 31, 2013, that were not included in the computation of diluted earnings per common share because their effect would be anti-dilutive.