Basic and diluted earnings per share for the three and nine months
ended September 30, 2018 and 2017, respectively consisted of
the following (in thousands, except per share data):
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Three Months Ended
September 30, |
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Nine Months Ended
September 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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$ |
20,854 |
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$ |
15,475 |
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$ |
61,032 |
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$ |
43,044 |
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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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38,641 |
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38,132 |
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38,598 |
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38,094 |
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Deduct: Unvested RSAs (1)
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(29 |
) |
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(29 |
) |
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(30 |
) |
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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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39,191 |
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39,033 |
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39,147 |
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38,995 |
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Basic earnings per common share
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$ |
0.53 |
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$ |
0.40 |
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$ |
1.56 |
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$ |
1.10 |
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Diluted
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Weighted Average Common Shares Outstanding from above
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39,191 |
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39,033 |
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39,147 |
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38,995 |
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Add: Dilutive effect of RSUs, RSAs & ESPP
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|
293 |
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|
171 |
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212 |
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|
141 |
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Weighted Average Common Shares Outstanding
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39,484 |
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39,204 |
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39,359 |
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39,136 |
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Diluted earnings per common share
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$ |
0.53 |
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$ |
0.39 |
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$ |
1.55 |
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$ |
1.10 |
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Antidilutive shares excluded from diluted earnings per common
share (3)
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76 |
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|
205 |
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|
250 |
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|
381 |
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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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