| NET INCOME PER COMMON SHARE
Diluted net income per common share is determined using the weighted-average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents. The dilutive effect of non-vested restricted stock is reflected by application of the treasury stock method. Under the treasury stock method, the amount of compensation cost for future service that the Company has not yet recognized and the amount of tax benefit that would be recorded in additional paid-in capital when the award becomes deductible are assumed to be used to repurchase shares.
The following tables illustrate the computation of basic and diluted net income per common share for the periods indicated (in thousands, except per share data):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
2018 |
|
2017 |
|
Income
(Numerator)
|
|
Shares
(Denominator)
|
|
Per Share Amount |
|
Income
(Numerator)
|
|
Shares
(Denominator)
|
|
Per Share Amount |
Basic net income per common share: |
|
|
|
|
|
|
|
|
|
|
|
Net income available to common stockholders |
$ |
7,629 |
|
|
11,309 |
|
|
$ |
0.67 |
|
|
$ |
7,338 |
|
|
11,258 |
|
|
$ |
0.65 |
|
Effect of dilutive securities: |
|
|
|
|
|
|
|
|
|
|
|
Non-vested restricted stock |
— |
|
|
13 |
|
|
|
|
|
— |
|
|
18 |
|
|
|
|
Diluted net income per common share: |
|
|
|
|
|
|
|
|
|
|
|
Net income available to common stockholders plus assumed conversions |
$ |
7,629 |
|
|
11,322 |
|
|
$ |
0.67 |
|
|
$ |
7,338 |
|
|
11,276 |
|
|
$ |
0.65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
2018 |
|
2017 |
|
Income
(Numerator) |
|
Shares
(Denominator) |
|
Per Share Amount |
|
Income
(Numerator) |
|
Shares
(Denominator) |
|
Per Share Amount |
Basic net income per common share: |
|
|
|
|
|
|
|
|
|
|
|
Net income available to common stockholders |
$ |
25,476 |
|
|
11,298 |
|
|
$ |
2.25 |
|
|
$ |
28,066 |
|
|
11,244 |
|
|
$ |
2.50 |
|
Effect of dilutive securities: |
|
|
|
|
|
|
|
|
|
|
|
Non-vested restricted stock |
— |
|
|
9 |
|
|
|
|
|
— |
|
|
25 |
|
|
|
|
Diluted net income per common share: |
|
|
|
|
|
|
|
|
|
|
|
Net income available to common stockholders plus assumed conversions |
$ |
25,476 |
|
|
11,307 |
|
|
$ |
2.25 |
|
|
$ |
28,066 |
|
|
11,269 |
|
|
$ |
2.49 |
|
Certain non-vested restricted stock is anti-dilutive upon applying the treasury stock method since the amount of compensation cost for future service results in the hypothetical repurchase of shares exceeding the actual number of shares to be vested. Non-vested restricted stock totaling 12,781 and 9,178 shares were not included for the three and nine months ended September 30, 2018, respectively.
|