Earnings per Common Share

9 Months Ended

Sep. 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 nine month periods ended September 30, 2014 and 2013.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Net income	$	19,155	$	23,812	$	61,625	$	65,361
Weighted average common shares outstanding for basic earnings per share computation	44,911,858		43,699,566		44,321,326		43,458,309
Dilutive effects of stock-based compensation	548,430		585,278		562,667		384,980
Weighted average common shares outstanding for diluted earnings per common share computation	45,460,288		44,284,844		44,883,993		43,843,289
Basic earnings per common share	$	0.43	$	0.54	$	1.39	$	1.50
Diluted earnings per common share	$	0.42	$	0.54	$	1.37	$	1.49

The Company had 102,529 and 54,402 shares of unvested restricted stock as of September 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 875,714 stock options outstanding as of September 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 September 30, 2014.