Earnings per Common Share

6 Months Ended

Jun. 30, 2017

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 six month periods ended June 30, 2017 and 2016:



	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Net income	$	21,868	$	25,554	$	44,994	$	45,678
Weighted average common shares outstanding for basic earnings per share computation	47,612,971		44,268,985		46,170,500		44,494,102
Dilutive effects of stock-based compensation	461,480		376,190		510,875		385,513
Weighted average common shares outstanding for diluted earnings per common share computation	48,074,451		44,645,175		46,681,375		44,879,615

Basic earnings per common share	$	0.46	$	0.58	$	0.97	$	1.03
Diluted earnings per common share	$	0.45	$	0.57	$	0.96	$	1.02

Anti-dilutive unvested time restricted stock	96,262		96,726		92,626		96,726

The Company had 182,835 and 221,322 shares of unvested restricted stock as of June 30, 2017 and 2016, respectively, that were not included in the computation of diluted earnings per common share because performance conditions for vesting had not been met.