Earnings per Share

9 Months Ended

Sep. 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 September 30,					Nine Months Ended September 30,
	2013			2012		2013		2012
($ in thousands, except per share amounts)
Net Income	$	21,302		$	11,642	$	50,270	$	25,459
Noncontrolling interests		(213	)		—		164		—
Allocation of earnings to preferred stockholders		—			—		—		(64	)
Net Income Attributable to Common Stockholders	$	21,089		$	11,642		50,434	$	25,395
Shares (in thousands):
Basic: Weighted-average number of shares outstanding		7,995			7,843		7,879		7,692
Plus: Incremental shares from assumed conversion of dilutive instruments		232			274		246		363
Diluted: Weighted-average number of shares outstanding		8,227			8,117		8,125		8,055
Earnings per share - basic	$	2.64		$	1.48	$	6.40	$	3.30
Earnings per share - diluted	$	2.56		$	1.43	$	6.21	$	3.15

For the three and nine months ended September 30, 2013, respectively, there were 3,115 instruments excluded from the above computation of weighted-average shares for diluted EPS because the effect would be anti-dilutive. For the three and nine months ended September 30, 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.