| EARNINGS PER SHARE |
EARNINGS PER SHARE
Basic earnings per common share of the Company are computed based on the weighted average number of common shares issued and outstanding during the relevant periods. Diluted earnings per common share of the Company are computed based on the weighted average number of common shares issued and outstanding plus the effect of potentially dilutive securities through the application of the if-converted method and/or treasury method. Dilutive securities for this purpose assumes all common shares have been issued and outstanding during the relevant periods pursuant to the conversion of all outstanding Series A Preferred Stock and common shares have been issued pursuant to the exercise of outstanding stock options.
Computations of basic and diluted earnings per common share for the years ended December 31, 2015, 2014 and 2013 were as follows (in thousands, except share and per share data):
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2015 |
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2014 |
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2013 |
Net income attributable to common shares(1)
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$ |
8,584 |
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$ |
16,910 |
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$ |
17,809 |
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Shares: |
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Weighted average number of common shares outstanding—basic |
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20,228,370 |
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20,073,378 |
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20,299,854 |
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Assumed conversion of Series A Preferred Stock (2)
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— |
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— |
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— |
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Net effect of dilutive stock options and restricted stock awards based on the treasury stock method(3)
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42,386 |
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66,203 |
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44,928 |
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Weighted average number of common shares outstanding—diluted |
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20,270,756 |
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20,139,581 |
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20,344,782 |
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Earnings per common share: |
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Basic |
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$ |
0.42 |
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$ |
0.84 |
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$ |
0.88 |
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Diluted |
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$ |
0.42 |
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$ |
0.84 |
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$ |
0.88 |
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_______________
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(1) |
Excludes net income of $121, $207 and $175 attributable to unvested common shares for the years ended December 31, 2015 and 2014 and 2013, respectively.
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(2) |
Excludes weighted average common shares of 0, 0 and 753,535 for the years ended December 31, 2015, 2014 and 2013, respectively, that were issuable upon the conversion of Series A preferred stock as the effect of their inclusion in the computation would have been antidilutive (see Note 9).
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(3) |
Excludes weighted average common shares of 209,446, 35,260 and 7,973 for the years ended December 31, 2015, 2014 and 2013, respectively, for certain share awards as the effect of their inclusion would have been antidilutive.
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