Earnings per Common Share

9 Months Ended

Sep. 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 three and nine month periods ended September 30, 2017 and 2016:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
Net income	$	27,259	$	25,193	$	72,253	$	70,871
Weighted average common shares outstanding for basic earnings per share computation	56,094,401		44,415,213		49,514,818		44,505,544
Dilutive effects of stock-based compensation	436,467		390,708		486,064		379,368
Weighted average common shares outstanding for diluted earnings per common share computation	56,530,868		44,805,921		50,000,882		44,884,912

Basic earnings per common share	$	0.49	$	0.57	$	1.46	$	1.59
Diluted earnings per common share	$	0.48	$	0.56	$	1.45	$	1.58

Anti-dilutive unvested time restricted stock	—		135		94,210		95,886

The Company had 174,696 and 218,556 shares of unvested restricted stock as of September 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.