Earnings per Share

6 Months Ended

Jun. 30, 2015

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,
	2015		2014			2015		2014
($ in thousands, except per share amounts)
Net Income	$	9,012	$	19,792		$	28,737	$	41,559
Noncontrolling interests		765		(249	)		382		(78	)

Net Income Attributable to Common Stockholders	$	9,777	$	19,543		$	29,119	$	41,481

Shares *(in thousands)*:
Basic: Weighted-average number of shares outstanding		8,889		9,133			8,927		9,125
Plus: Incremental shares from assumed conversion of dilutive instruments		148		192			167		218

Diluted: Weighted-average number of shares outstanding		9,037		9,325			9,094		9,343

Earnings per share - basic	$	1.10	$	2.14		$	3.26	$	4.55
Earnings per share - diluted	$	1.08	$	2.10		$	3.20	$	4.44

For the three and six months ended June 30, 2015, there were zero and 3,043 instruments, respectively, excluded from the above computations of weighted-average shares for diluted EPS and for the three and six months ended June 30, 2014, there were 9,275 and 4,638 instruments, respectively, excluded from the above computation of weighted-average shares for diluted EPS because the effect would be anti-dilutive.