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Earnings per Common Share
 6 Months Ended
Jun. 30, 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 and six month periods ended June 30, 2014 and 2013.
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2014
2013
 
2014
2013
Net income
$
21,077

$
21,505

 
$
42,470

$
41,549

 
 
 
 
 
 
Weighted average common shares outstanding for basic earnings per share computation
44,044,260

43,480,502

 
44,021,166

43,335,682

Dilutive effects of stock-based compensation
531,703

427,785

 
572,689

376,978

Weighted average common shares outstanding for diluted earnings per common share computation
44,575,963

43,908,287

 
44,593,855

43,712,660

 
 
 
 
 
 
Basic earnings per common share
$
0.48

$
0.49

 
$
0.96

$
0.96

Diluted earnings per common share
$
0.47

$
0.49

 
$
0.95

$
0.95



The Company had 107,651 and 56,668 shares of unvested restricted stock as of June 30, 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 976,063 stock options outstanding as of June 30, 2013, that were not included in the computation of diluted earnings per common share because their effect would be anti-dilutive. The Company had no anti-dilutive stock options outstanding as of June 30, 2014.