11. Earnings Per Share
The following table sets forth the computation of basic and diluted
earnings per share for the three months ended March 31, 2015
and 2014, respectively (in thousands, except per share data):
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Three Months
Ended March 31,
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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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$ |
13,669 |
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$ |
6,782 |
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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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37,066 |
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36,601 |
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Deduct: Unvested RSAs (1)
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(43 |
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(30 |
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Add: Fully vested DSUs (2)
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2,006 |
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2,276 |
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Weighted Average Common Shares Outstanding
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39,029 |
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38,847 |
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Basic earnings per common share
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$ |
0.35 |
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$ |
0.17 |
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Diluted
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Weighted Average Common Shares Outstanding from above
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39,029 |
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38,847 |
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Add: Dilutive effect of RSUs, RSAs & ESPP
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123 |
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60 |
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Weighted Average Common Shares Outstanding
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39,152 |
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38,907 |
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Diluted earnings per common share
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$ |
0.35 |
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$ |
0.17 |
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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) |
DSUs shares are included in weighted
average common shares outstanding as the DSUs were fully vested
upon receipt. See Note 9 – “Stock-Based Compensation
Plans” for additional information. |
RSUs totaling 479,000 shares and 567,000 shares, primarily
pertaining to grants to the Company’s independent
contractors, were excluded from the calculation of diluted earnings
per common share for the three months ended March 31, 2015 and
2014, respectively, as the effects were antidilutive.
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