| Earnings per Share |
Basic and diluted earnings per share for the three and six months
ended June 30, 2017 and 2016, respectively consisted of the
following (in thousands, except per share data):
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Three Months
Ended June 30, |
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Six Months
Ended June 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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$ |
15,569 |
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$ |
17,524 |
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$ |
27,569 |
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$ |
32,339 |
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Denominator:
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Basic
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Weighted average common shares issued and outstanding
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38,100 |
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37,591 |
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38,075 |
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37,576 |
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Deduct: Unvested RSAs (1)
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(28 |
) |
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(38 |
) |
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(29 |
) |
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(36 |
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Add: Fully vested DSUs (2)
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930 |
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1,365 |
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930 |
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1,365 |
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Weighted Average Common Shares Outstanding
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39,002 |
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38,918 |
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38,976 |
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38,905 |
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Basic earnings per common share
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$ |
0.40 |
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$ |
0.45 |
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$ |
0.71 |
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$ |
0.83 |
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Diluted
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Weighted Average Common Shares Outstanding from above
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39,002 |
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38,918 |
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38,976 |
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38,905 |
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Add: Dilutive effect of RSUs, RSAs & ESPP
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130 |
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136 |
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142 |
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103 |
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Weighted Average Common Shares Outstanding
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39,132 |
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39,054 |
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39,118 |
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39,008 |
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Diluted earnings per common share
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$ |
0.40 |
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$ |
0.45 |
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$ |
0.70 |
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$ |
0.83 |
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Antidilutive shares excluded from diluted earnings per common share
(3)
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317 |
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244 |
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324 |
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449 |
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(1) |
RSAs were issued and outstanding to
the non-employee directors and have a three year vesting term
subject to service requirements. See Note 9 –
“Stock-Based Compensation Plans” for additional
information. |
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(2) |
Shares are included in weighted
average common shares outstanding as the shares are fully vested
but have not yet been delivered. See Note 9 –
“Stock-Based Compensation Plans” for additional
information. |
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(3) |
Primarily pertaining to RSU grants to
the Company’s employees and independent contractors. |
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