Earnings per Common Share

12 Months Ended

Dec. 31, 2016

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,	2016		2015		2014
Net income, basic and diluted	$	95,636	$	86,795	$	84,401

Weighted average common shares outstanding for basic earnings per share computation	44,511,774		45,184,091		44,615,060
Dilutive effects of stock-based compensation	398,622		462,327		595,501
Weighted average common shares outstanding for diluted earnings per common share computation	44,910,396		45,646,418		45,210,561

Basic earnings per common share	$	2.15	$	1.92	$	1.89
Diluted earnings per common share	2.13		1.90		1.87

The Company had 7,215 and 12,890 unvested time restricted stock outstanding as of December 31, 2016 and 2015, respectively, and 5,000 stock options outstanding as of December 31, 2014, that were not included in the computation of diluted earnings per common share because their effect would be anti-dilutive. The Company had 155,637, 142,512 and 88,797 shares of unvested restricted stock as of December 31, 2016, 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.