Basic and diluted earnings per share for the three and six months
ended June 30, 2018 and 2017, 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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2018 |
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2017 |
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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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$ |
22,167 |
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$ |
15,569 |
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$ |
40,178 |
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$ |
27,569 |
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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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38,606 |
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38,100 |
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38,576 |
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38,075 |
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Deduct: Unvested RSAs (1)
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(31 |
) |
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(28 |
) |
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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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579 |
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|
930 |
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Weighted Average Common Shares Outstanding
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39,154 |
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39,002 |
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39,124 |
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38,976 |
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Basic earnings per common share
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$ |
0.57 |
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$ |
0.40 |
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$ |
1.03 |
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$ |
0.71 |
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Diluted
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Weighted Average Common Shares Outstanding from above
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39,154 |
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|
39,002 |
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39,124 |
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38,976 |
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Add: Dilutive effect of RSUs, RSAs & ESPP
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|
231 |
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|
130 |
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|
174 |
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|
142 |
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Weighted Average Common Shares Outstanding
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39,385 |
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39,132 |
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|
39,298 |
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|
39,118 |
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Diluted earnings per common share
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$ |
0.56 |
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$ |
0.40 |
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$ |
1.02 |
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$ |
0.70 |
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Antidilutive shares excluded from diluted earnings per common
share (3)
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55 |
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|
317 |
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|
242 |
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|
324 |
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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 11 –
“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 11 – “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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