Earnings per Share

6 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Earnings per Share

9. 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 stockholders 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 common 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,
	2014			2013		2014			2013
($ in thousands, except per share amounts)
Net Income	$	19,792		$	14,783	$	41,559		$	28,968
Noncontrolling interests		(249	)		602		(78	)		377
Net Income Attributable to Common Stockholders	$	19,543		$	15,385	$	41,481			29,345
Shares (in thousands):
Basic: Weighted-average number of shares outstanding		9,133			7,821		9,125			7,821
Plus: Incremental shares from assumed conversion of dilutive instruments		192			237		218			252
Diluted: Weighted-average number of shares outstanding		9,325			8,058		9,343			8,073
Earnings per share - basic	$	2.14		$	1.97	$	4.55		$	3.75
Earnings per share - diluted	$	2.10		$	1.91	$	4.44		$	3.64
Cash dividends declared per share	$	0.45		$	—	$	0.45		$	—

For the three months ended June 30, 2014, there were 9,275 instruments excluded from the above computation of weighted-average shares for diluted EPS because the effect would be anti-dilutive. For the three and six months ended June 30, 2013, respectively, there were no instruments excluded from the above computation of weighted-average shares for diluted EPS.