Quarterly report pursuant to Section 13 or 15(d)

Earnings per Share

v3.7.0.1
Earnings per Share
6 Months Ended
Jun. 30, 2017
Earnings Per Share [Abstract]  
Earnings per Share
11. Earnings per Share

Basic and diluted earnings per share for the three and six months ended June 30, 2017 and 2016, respectively consisted of the following (in thousands, except per share data):

 

     Three Months
Ended June 30,
     Six Months
Ended June 30,
 
     2017      2016      2017      2016  

Numerator (Basic and Diluted):

           

Net income

   $ 15,569      $ 17,524      $ 27,569      $ 32,339  
  

 

 

    

 

 

    

 

 

    

 

 

 

Denominator:

           

Basic

           

Weighted average common shares issued and outstanding

     38,100        37,591        38,075        37,576  

Deduct: Unvested RSAs (1)

     (28      (38      (29      (36

Add: Fully vested DSUs (2)

     930        1,365        930        1,365  
  

 

 

    

 

 

    

 

 

    

 

 

 

Weighted Average Common Shares Outstanding

     39,002        38,918        38,976        38,905  
  

 

 

    

 

 

    

 

 

    

 

 

 

Basic earnings per common share

   $ 0.40      $ 0.45      $ 0.71      $ 0.83  
  

 

 

    

 

 

    

 

 

    

 

 

 

Diluted

           

Weighted Average Common Shares Outstanding from above

     39,002        38,918        38,976        38,905  

Add: Dilutive effect of RSUs, RSAs & ESPP

     130        136        142        103  
  

 

 

    

 

 

    

 

 

    

 

 

 

Weighted Average Common Shares Outstanding

     39,132        39,054        39,118        39,008  
  

 

 

    

 

 

    

 

 

    

 

 

 

Diluted earnings per common share

   $ 0.40      $ 0.45      $ 0.70      $ 0.83  
  

 

 

    

 

 

    

 

 

    

 

 

 

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

     317        244        324        449  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(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 employees and independent contractors.