Earnings Per Common Share

9 Months Ended

Sep. 30, 2017

2. Earnings Per Common Share

Basic earnings per common share is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per common share adjusts basic earnings per common share for the effects of potentially dilutive common shares. Potentially dilutive common shares include the dilutive effects of shares issuable under our equity compensation plans, including stock options and restricted shares, each using the treasury stock method.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
Numerator — basic and diluted
Net income	$	32,214	$	21,691	$	41,074	$	78,419
Denominator
Weighted average number of common shares outstanding — basic		37,431		41,239		39,301		40,856
Effect of dilutive stock options		31		350		96		266
Effect of dilutive restricted shares		284		476		318		483
Weighted average number of common shares outstanding — diluted		37,746		42,065		39,715		41,605
Earnings per common share — basic	$	0.86	$	0.53	$	1.05	$	1.92
Earnings per common share — diluted	$	0.85	$	0.52	$	1.03	$	1.88
Antidilutive stock options and restricted shares		2,328		753		1,755		1,595