Earnings per Common Share

6 Months Ended

Jun. 30, 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 and six month periods ended June 30, 2016 and 2015:



	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
Net income	$	25,554	$	22,222	$	45,678	$	43,202
Weighted average common shares outstanding for basic earnings per share computation	44,268,985		45,143,122		44,494,102		45,260,104
Dilutive effects of stock-based compensation	376,190		463,564		385,513		582,935
Weighted average common shares outstanding for diluted earnings per common share computation	44,645,175		45,606,686		44,879,615		45,843,039

Basic earnings per common share	$	0.58	$	0.49	$	1.03	$	0.95
Diluted earnings per common share	$	0.57	$	0.49	$	1.02	$	0.94

The Company had 221,322 and 166,362 shares of unvested restricted stock as of June 30, 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 96,726 shares of unvested time restricted stock outstanding as of June 30, 2016 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 shares of unvested time restricted stock or stock options outstanding as of June 30, 2015.