Earnings per Common Share

9 Months Ended

Sep. 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 nine month periods ended September 30, 2016 and 2015:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
Net income	$	25,193	$	20,162	$	70,871	$	63,364
Weighted average common shares outstanding for basic earnings per share computation	44,415,213		45,150,104		44,505,544		45,223,988
Dilutive effects of stock-based compensation	390,708		428,874		379,368		481,636
Weighted average common shares outstanding for diluted earnings per common share computation	44,805,921		45,578,978		44,884,912		45,705,624

Basic earnings per common share	$	0.57	$	0.45	$	1.59	$	1.40
Diluted earnings per common share	$	0.56	$	0.44	$	1.58	$	1.39

Anti-dilutive unvested time restricted stock	135		5,884		95,886		5,884

The Company had 218,556 and 165,489 shares of unvested restricted stock as of September 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.