EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2016

EARNINGS PER SHARE

Schedule of computation of basic and diluted earnings (loss) per share

The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31:

	2016		2015		2014
	(in thousands, except share and per share data)
Basic
Numerator:
Net income	$	18,652	$	44,854	$	46,177
Effect of unvested restricted stock awards		(138)		(450)		(2,300)
Adjusted net income	$	18,514	$	44,404	$	43,877
Denominator:
Weighted-average shares		25,751,544		26,013,716		25,993,255
Earnings per common share	$	0.72	$	1.71	$	1.69
Diluted
Numerator:
Net income	$	18,652	$	44,854	$	46,177
Effect of unvested restricted stock awards		(137)		(443)		(2,300)
Adjusted net income	$	18,515	$	44,411	$	43,877
Denominator:
Weighted-average shares		25,751,544		26,013,716		25,993,255
Effect of dilutive securities		505,026		516,411		357
Adjusted weighted-average shares and assumed conversions		26,256,570		26,530,127		25,993,612
Earnings per common share	$	0.71	$	1.67	$	1.69