| Earnings per Share |
Earnings per share information has not been presented for periods
prior to the IPO on October 31, 2013. See Note 2 –
“Accounting Policies” for additional information.
Computation of basic and diluted earnings per share subsequent to
the IPO for the years ended December 31, 2015 and 2014 and the
period from October 31, 2013 through December 31, 2013
consisted of the following (in thousands, except per share
data):
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Year Ended
December 31,
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Period
from
October 31, 2013
through
December 31, 2013 (3)
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2015 |
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2014 |
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Numerator (Basic and Diluted):
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Net income
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$ |
66,350 |
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$ |
49,531 |
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$ |
9,251 |
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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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37,141 |
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36,660 |
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36,541 |
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Deduct: Unvested RSAs (1)
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(43 |
) |
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(43 |
) |
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(30 |
) |
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Add: Fully vested DSUs (2)
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1,750 |
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2,234 |
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2,276 |
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Weighted Average Common Shares Outstanding
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38,848 |
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38,851 |
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38,787 |
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Basic earnings per common share
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$ |
1.71 |
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$ |
1.27 |
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$ |
0.24 |
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Diluted
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Weighted Average Common Shares Outstanding from above
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38,848 |
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38,851 |
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38,787 |
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Add: Dilutive effect of RSUs, RSAs & ESPP
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314 |
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127 |
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28 |
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Weighted Average Common Shares Outstanding
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39,162 |
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38,978 |
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38,815 |
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Diluted earnings per common share
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$ |
1.69 |
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$ |
1.27 |
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$ |
0.24 |
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Antidilutive shares excluded from diluted earnings per common
share (4)
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79 |
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817 |
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— |
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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 10 –
“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 –
“Stockholders’ Equity” for additional
information. |
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(3) |
The year ended December 31, 2013
includes EPS data from October 31, 2013 through
December 31, 2013. |
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(4) |
Primarily pertaining to RSU grants to
the Company’s independent contractors. |
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