Earnings per Share

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Earnings per Share

11. Earnings per Share

Basic earnings per share (“EPS”) excludes dilution for potential common stock issuances and is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the calculation of diluted EPS, the basic weighted-average number of shares is increased by the dilutive effect of RSUs and stock options using the treasury stock method.

The computation of basic and diluted EPS is as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012
($ in thousands, except per share amounts)
Net Income	$	14,783	$	8,367	$	28,968	$	13,817
Noncontrolling interests		602		—		377		—
Allocation of earnings to preferred stockholders		—		—		—		(64	)
Net Income Attributable to Common Stockholders	$	15,385	$	8,367		29,345	$	13,753
Shares (in thousands):
Basic: Weighted-average number of shares outstanding		7,821		7,763		7,821		7,615
Plus: Incremental shares from assumed conversion of dilutive instruments		237		318		252		408
Diluted: Weighted-average number of shares outstanding		8,058		8,081		8,073		8,023
Earnings per share - basic	$	1.97	$	1.08	$	3.75	$	1.81
Earnings per share - diluted	$	1.91	$	1.04	$	3.64	$	1.71

For the three and six months ended June 30, 2013 and 2012, respectively, there were no instruments excluded from the above computation of weighted-average shares for diluted EPS because the effect would be anti-dilutive.