Earnings per Common Share

9 Months Ended

Sep. 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 nine month periods ended September 30, 2015 and 2014.



	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
Net income	$	20,162	$	19,155	$	63,364	$	61,625
Weighted average common shares outstanding for basic earnings per share computation	45,150,104		44,911,858		45,223,988		44,321,326
Dilutive effects of stock-based compensation	428,874		548,430		481,636		562,667
Weighted average common shares outstanding for diluted earnings per common share computation	45,578,978		45,460,288		45,705,624		44,883,993

Basic earnings per common share	$	0.45	$	0.43	$	1.40	$	1.39
Diluted earnings per common share	$	0.44	$	0.42	$	1.39	$	1.37

The Company had 165,489 and 102,529 shares of unvested restricted stock as of September 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 5,884 shares of unvested restricted stock outstanding as of September 30, 2015 that were not included in the computation of diluted earnings per common shares because their effect would be anti-dilutive. The Company had no anti-dilutive equity instruments outstanding as of September 30, 2014.