| Earnings Per Share |
The following table sets forth the computation of basic and diluted
earnings per share for the three and six months ended June 30,
2015 and 2014, respectively (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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2015 |
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2014 |
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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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$ |
17,556 |
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$ |
12,796 |
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$ |
31,225 |
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$ |
19,578 |
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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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37,092 |
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36,615 |
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37,080 |
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36,608 |
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Deduct: Unvested RSAs (1)
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(44 |
) |
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(44 |
) |
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(44 |
) |
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(37 |
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Add: Fully vested DSUs and RSUs (2)
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1,822 |
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2,276 |
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1,822 |
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2,276 |
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Weighted Average Common Shares Outstanding
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38,870 |
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38,847 |
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38,858 |
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38,847 |
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Basic earnings per common share
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$ |
0.45 |
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$ |
0.33 |
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$ |
0.80 |
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$ |
0.50 |
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Diluted
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Weighted Average Common Shares Outstanding from above
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38,870 |
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38,847 |
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38,858 |
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38,847 |
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Add: Dilutive effect of RSUs, RSAs & ESPP
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187 |
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79 |
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148 |
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70 |
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Weighted Average Common Shares Outstanding
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39,057 |
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38,926 |
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39,006 |
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38,917 |
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Diluted earnings per common share
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$ |
0.45 |
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$ |
0.33 |
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$ |
0.80 |
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$ |
0.50 |
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Antidilutive shares excluded from diluted earnings per common
share (3)
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59 |
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644 |
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535 |
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639 |
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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) |
Shares are included in weighted
average common shares outstanding as the shares are fully vested
but have not yet been delivered. See Note 9 –
“Stock-Based Compensation Plans” for additional
information. |
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(3) |
Primarily pertaining to RSU grants to
the Company’s independent contractors. |
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