Earnings per Common Share

6 Months Ended

Jun. 30, 2015

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, 2015 and 2014.



	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Net income	$	22,222	$	21,077	$	43,202	$	42,470
Weighted average common shares outstanding for basic earnings per share computation	45,143,122		44,044,260		45,260,104		44,021,166
Dilutive effects of stock-based compensation	463,564		531,703		582,935		573,689
Weighted average common shares outstanding for diluted earnings per common share computation	45,606,686		44,575,963		45,843,039		44,594,855

Basic earnings per common share	$	0.49	$	0.48	$	0.95	$	0.96
Diluted earnings per common share	$	0.49	$	0.47	$	0.94	$	0.95

The Company had 166,362 and 107,651 shares of unvested restricted stock as of June 30, 2015 and 2014, respectively, that were not included in the computation of diluted earnings per common share because performance conditions for vesting had not been met. The Company had no anti-dilutive stock options outstanding as of June 30, 2015 or June 30, 2014.