Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.3.0.814
Earnings Per Share
9 Months Ended
Sep. 30, 2015
Earnings Per Share [Abstract]  
Earnings Per Share
11. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2015 and 2014, respectively (in thousands, except per share data):

 

     Three Months
Ended September 30,
     Nine Months
Ended September 30,
 
     2015      2014      2015      2014  

Numerator (Basic and Diluted):

           

Net income

   $ 15,176       $ 13,523       $ 46,401       $ 33,101   
  

 

 

    

 

 

    

 

 

    

 

 

 

Denominator:

           

Basic

           

Weighted average common shares issued and outstanding

     37,114         36,624         37,091         36,613   

Deduct: Unvested RSAs (1)

     (45      (53      (44      (42

Add: Fully vested DSUs (2)

     1,821         2,276         1,821         2,276   
  

 

 

    

 

 

    

 

 

    

 

 

 

Weighted Average Common Shares Outstanding

     38,890         38,847         38,868         38,847   
  

 

 

    

 

 

    

 

 

    

 

 

 

Basic earnings per common share

   $ 0.39       $ 0.35       $ 1.19       $ 0.85   
  

 

 

    

 

 

    

 

 

    

 

 

 

Diluted

           

Weighted Average Common Shares Outstanding from above

     38,890         38,847         38,868         38,847   

Add: Dilutive effect of RSUs, RSAs & ESPP

     270         164         183         102   
  

 

 

    

 

 

    

 

 

    

 

 

 

Weighted Average Common Shares Outstanding

     39,160         39,011         39,051         38,949   
  

 

 

    

 

 

    

 

 

    

 

 

 

Diluted earnings per common share

   $ 0.39       $ 0.35       $ 1.19       $ 0.85   
  

 

 

    

 

 

    

 

 

    

 

 

 

Antidilutive shares excluded from diluted earnings per common share (3)

     31         67         77         618   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(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.
(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.
(3)  Primarily pertaining to RSU grants to the Company’s independent contractors.