Earnings per Common Share

3 Months Ended

Mar. 31, 2016

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 month periods ended March 31, 2016 and 2015.



	Three Months Ended March 31,
	2016		2015
Net income	$	20,124	$	20,980
Weighted average common shares outstanding for basic earnings per share computation	44,719,218		45,378,230
Dilutive effects of stock-based compensation	394,834		461,961
Weighted average common shares outstanding for diluted earnings per common share computation	45,114,052		45,840,191

Basic earnings per common share	$	0.45	$	0.46
Diluted earnings per common share	$	0.45	$	0.46

The Company had 226,821 and 166,770 shares of unvested restricted stock as of March 31, 2016 and 2015, 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 40,865 and 5,000 shares of unvested time restricted stock and stock options outstanding as of March 31, 2016 and as of March 31, 2015, respectively, that were not included in the computation of diluted earnings per common shares because their effect would be anti-dilutive.