| Earnings per Share |
Basic and diluted earnings per share for the three and nine months
ended September 30, 2017 and 2016, 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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2017 |
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2016 |
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2017 |
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2016 |
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Numerator (Basic and Diluted):
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Net income
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$ |
15,475 |
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$ |
15,144 |
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$ |
43,044 |
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$ |
47,483 |
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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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38,132 |
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37,613 |
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38,094 |
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37,588 |
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Deduct: Unvested RSAs (1)
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(29 |
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(39 |
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(29 |
) |
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(37 |
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Add: Fully vested DSUs (2)
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930 |
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1,365 |
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930 |
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1,365 |
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Weighted Average Common Shares Outstanding
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39,033 |
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38,939 |
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38,995 |
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38,916 |
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Basic earnings per common share
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$ |
0.40 |
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$ |
0.39 |
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$ |
1.10 |
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$ |
1.22 |
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Diluted
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Weighted Average Common Shares Outstanding from above
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39,033 |
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38,939 |
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38,995 |
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38,916 |
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Add: Dilutive effect of RSUs, RSAs & ESPP
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171 |
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183 |
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141 |
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118 |
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Weighted Average Common Shares Outstanding
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39,204 |
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39,122 |
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39,136 |
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39,034 |
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Diluted earnings per common share
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$ |
0.39 |
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$ |
0.39 |
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$ |
1.10 |
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$ |
1.22 |
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Antidilutive shares excluded from diluted earnings per common
share (3)
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205 |
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94 |
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381 |
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489 |
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| (1) |
RSAs were issued and outstanding to
the non-employee directors
and generally 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. |
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