Earnings Per Share

12 Months Ended

Dec. 31, 2015

Basic earnings per share for the years ended December 31, 2015 and 2014 have been determined by dividing net income available to common equity for the respective periods by the weighted average number of shares of common stock outstanding. Unvested shares of restricted stock are not considered outstanding for purposes of basic earnings per share. Diluted earnings per share is computed by dividing net income by the weighted average number of common shares outstanding plus the effect of dilutive securities. The effects of dilutive securities, if any, are computed using the treasury stock method.

The computation of earnings per share is as follows:



	Year Ended December 31, 2015		Year Ended December 31, 2014		Nine Months Ended December 31, 2013 (1)
	(In thousands, except per share data)
Numerator:
Numerator for basic and diluted earnings per share – net income available to common equity	$	137,758	$	14,622	$	206,918
Denominator:
Denominator for basic earnings per share – weighted average shares	9,407		9,107		16,989
Effect of dilutive securities:
Restricted stock (2)	51		44		—
Denominator for diluted earnings per share – weighted average shares	$	9,458	$	9,151	$	16,989
Basic income per common share	$	14.64	$	1.61	$	12.18
Diluted income per common share	$	14.57	$	1.60	$	12.18


(1)	The calculation of weighted average shares included 21,247,000 shares of Legacy Common Stock outstanding through September 26, 2013 and 9,050,000 shares of common stock outstanding from September 27 through December 31, 2013.

(2)

Computed based on the treasury stock method using the average market price per period. The value used prior to the issuance of shares pursuant to the recapitalization transaction on September 27, 2013 was approximately 90% of book value. Since the time of the transaction, the position of the Company has remained relatively the same, therefore the issuance of the August 15, 2014 grant of restricted stock shares at 90% of book value as of the most recent month end was a reasonable approximation of fair value.