Earnings per Share

9 Months Ended

Sep. 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 September 30,					Nine Months Ended September 30,
	2014		2013			2014		2013
($ in thousands, except per share amounts)
Net Income	$	36,995	$	21,302		$	78,554	$	50,270
Noncontrolling interests		345		(213	)		267		164
Net Income Attributable to Common Stockholders	$	37,340	$	21,089		$	78,821		50,434
Shares (in thousands):
Basic: Weighted-average number of shares outstanding		9,096		7,995			9,115		7,879
Plus: Incremental shares from assumed conversion of dilutive instruments		183		232			207		246
Diluted: Weighted-average number of shares outstanding		9,279		8,227			9,322		8,125
Earnings per share - basic	$	4.10	$	2.64		$	8.65	$	6.40
Earnings per share - diluted	$	4.02	$	2.56		$	8.46	$	6.21
Cash dividends declared per share	$	0.45	$	—		$	0.90	$	—

For the three and nine months ended September 30, 2014, there were no instruments excluded from the above computations of weighted-average shares for diluted EPS. For both the three and nine months ended September 30, 2013, there were 3,115 instruments excluded from the above computations of weighted-average shares for diluted EPS because their effect would be anti-dilutive.