| Computation of Earnings Per Share |
The computation of EPS is as follows:
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Three months ended September 30,
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Nine months ended September 30,
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2017
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2016
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2017
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2016
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Numerator—basic and diluted:
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Net income
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$
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7,338
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$
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5,246
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$
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21,608
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$
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15,259
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Denominator:
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Weighted-average common shares - basic common stock (1)
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20,753,789
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20,157,688
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20,622,848
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19,986,544
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Weighted-average common shares - diluted common stock
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21,998,660
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21,182,587
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21,832,544
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21,000,945
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Net income per share - basic common stock
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$
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0.35
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$
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0.26
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$
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1.05
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$
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0.76
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Net income per share - diluted common stock
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$
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0.33
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$
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0.25
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$
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0.99
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$
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0.73
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Denominator calculation from basic to diluted:
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Weighted-average common shares - basic common stock (1)
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20,753,789
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20,157,688
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20,622,848
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19,986,544
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Stock options and other dilutive awards
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1,244,871
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1,024,899
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1,209,696
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1,014,401
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Weighted-average common shares - diluted common stock
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21,998,660
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21,182,587
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21,832,544
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21,000,945
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Shares excluded from diluted weighted-average shares:
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Stock options
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64,498
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761,916
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64,498
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1,357,794
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Restricted stock units and restricted stock awards
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90,083
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—
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95,783
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—
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Shares excluded from diluted weighted-average shares
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154,581
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761,916
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160,281
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1,357,794
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(1) Unvested restricted stock units and restricted stock awards are not included as shares outstanding in the calculation of basic earnings per share. Vested restricted stock units and restricted stock awards are included in basic earnings per share if all vesting and performance criteria have been met. Performance-based restricted stock units and restricted stock awards are included in the number of shares used to calculate diluted earnings per share as long as all applicable performance criteria are met, and their effect is dilutive. Restricted stock awards are eligible to receive all dividends declared on the Company’s common shares during the vesting period; however, such dividends are not paid until the restrictions lapse.
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