Earnings Per Share

6 Months Ended

Jun. 30, 2015

11.

EARNINGS PER SHARE

The Company reports earnings per share data in accordance ASC Topic 260, “Earnings Per Share.” Effective January 1, 2009, FASB ASC Topic 260 was updated for the issuance of FASB Staff Position (“FSP”) EITF 03-6-1, “Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities”, or FSP EITF 03-6-1, with transition guidance included in FASB ASC Topic 260-10-65-2. Under FSP EITF 03-6-1, unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are participating securities and shall be included in the computation of earnings-per-share pursuant to the two-class method. The Company has calculated its basic and diluted earnings per share using the two-class method. The following table sets forth the computation of basic and diluted earnings per common share utilizing the two-class method.


(in thousands except per share data)	Three Months Ended Jun. 30, 2015		Three Months Ended Jun. 30, 2014		Six Months Ended Jun. 30, 2015		Six Months Ended Jun. 30, 2014
Numerator:
Net income attributable to common shareholders	$	28,532	$	20,576	$	50,983	$	37,249
Denominator:
Denominator for basic earnings per share – weighted average shares		35,378		32,800		34,854		32,592
Effect of Dilutive Securities:
Stock options and non-vested stock		225		180		225		167

Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversion		35,603		32,980		35,079		32,759
Basic earnings per common share attributable to common shareholders	$	0.81	$	0.63	$	1.46	$	1.14
Diluted earnings per common share attributable to common shareholders	$	0.80	$	0.62	$	1.45	$	1.14

Not included in the effect of dilutive securities above are 11,000 stock options and 161,412 unvested restricted shares for the three months ended June 30, 2015, and 8,000 stock options and 142,417 unvested restricted shares for the three months ended June 30, 2014, because their effect would be antidilutive. Not included in the effect of dilutive securities above are 5,500 stock options and 166,316 unvested restricted shares for the six months ended June 30, 2015, and 4,000 stock options and 155,648 unvested restricted shares for the six months ended June 30, 2014, because their effect would be antidilutive.