Earnings per Share

3 Months Ended

Mar. 31, 2016

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 March 31,
	2016		2015
($ in thousands, except per share amounts)
Net Income	$	11,870	$	19,725
Noncontrolling interests	493		(383		)
Net Income Attributable to Common Stockholders	$	12,363	$	19,342
Shares (in thousands):
Basic: Weighted-average number of shares outstanding	8,344		8,964
Plus: Incremental shares from assumed conversion of dilutive instruments	162		187
Diluted: Weighted-average number of shares outstanding	8,506		9,151
Earnings per Share—Basic	$	1.48	$	2.16
Earnings per Share—Diluted	$	1.45	$	2.11

For the three months ended March 31, 2016 and 2015, there were 14,230 and 6,085 instruments, respectively, excluded from the above computations of weighted-average shares for diluted EPS, because the effect would be anti-dilutive.