Earnings per Common Share

12 Months Ended

Dec. 31, 2015

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 common share:



Year Ended December 31,	2015		2014		2013
Net income, basic and diluted	$	86,795	$	84,401	$	86,136

Weighted average common shares outstanding for basic earnings per share computation	45,184,091		44,615,060		43,566,681
Dilutive effects of stock-based compensation	462,327		595,501		477,921
Weighted average common shares outstanding for diluted earnings per common share computation	45,646,418		45,210,561		44,044,602

Basic earnings per common share	$	1.92	$	1.89	$	1.98
Diluted earnings per common share	1.90		1.87		1.96

The Company had 12,890, 5,000 and 21,372 unvested time restricted stock and stock options outstanding as of December 31, 2015, 2014 and 2013, respectively, that were not included in the computation of diluted earnings per common share because their effect would be anti-dilutive. The Company had 142,512, 88,797 and 37,734 shares of unvested restricted stock as of December 31, 2015, 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.