Basic and diluted earnings per share for the three months ended
March 31, 2018 and 2017, respectively consisted of the
following (in thousands, except per share data):
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Three Months
Ended March 31, |
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2018 |
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2017 |
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Numerator (Basic and Diluted):
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Net income
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$ |
18,011 |
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$ |
12,000 |
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Denominator:
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Basic
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|
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Weighted average common shares issued and outstanding
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38,547 |
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|
|
38,047 |
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Deduct: Unvested RSAs (1)
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(31 |
) |
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|
(29 |
) |
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Add: Fully vested DSUs (2)
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|
|
579 |
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|
|
930 |
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|
|
|
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Weighted Average Common Shares Outstanding
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|
|
39,095 |
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|
|
38,948 |
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|
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Basic earnings per common share
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|
$ |
0.46 |
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|
$ |
0.31 |
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Diluted
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|
|
|
|
|
|
|
|
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Weighted Average Common Shares Outstanding from above
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|
|
39,095 |
|
|
|
38,948 |
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Add: Dilutive effect of RSUs, RSAs & ESPP
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|
|
155 |
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|
|
160 |
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|
|
|
|
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Weighted Average Common Shares Outstanding
|
|
|
39,250 |
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|
|
39,108 |
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|
|
|
|
|
|
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Diluted earnings per common share
|
|
$ |
0.46 |
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|
$ |
0.31 |
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Antidilutive shares excluded from diluted earnings per common
share (3)
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|
|
291 |
|
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|
299 |
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| (1) |
RSAs were issued and outstanding to
the non-employee directors
and have a one-year or
three-year vesting term subject to service requirements. See Note
10 – “Stock-Based Compensation Plans” for
additional information. |
| (2) |
Shares are included in weighted
average common shares outstanding as the shares are fully vested
but have not yet been delivered. See Note 10 –
“Stock-Based Compensation Plans” for additional
information. |
| (3) |
Primarily pertaining to RSU grants to
the Company’s employees and independent contractors. |
|