Annual report pursuant to Section 13 and 15(d)

Nature of Operations and Summary of Significant Accounting Policies (Tables)

v3.7.0.1
Nature of Operations and Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2016
Accounting Policies [Abstract]  
Schedule of Cash and Cash Equivalents Cash and cash equivalents at the end of each period were as follows (in thousands):
 
 
December 31,
 
2016
 
2015
Cash
$
52,453

 
$
47,431

Cash equivalents
73,468

 
57,483

Total cash and cash equivalents
$
125,921

 
$
104,914

Schedule of Earnings Per Share, Basic and Diluted The following table illustrates the computation of basic and diluted income per share for the periods indicated (in thousands, except per share data):
 
Year Ended December 31,
 
2016
 
2015
 
2014
 
Income
 
Shares
 
Per Share
 
Income
 
Shares
 
Per Share
 
Income
 
Shares
 
Per Share
Basic EPS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income available to common stockholders
$
55,086

 
 

 
 

 
$
47,241

 
 

 
 

 
$
20,360

 
 

 
 

Less: undistributed earnings to participating securities

 
 

 
 

 

 
 

 
 

 
(127
)
 
 

 
 

Net income allocated to common stockholders
$
55,086


11,382

 
$
4.84

 
$
47,241

 
12,302

 
$
3.84

 
$
20,233

 
12,131

 
$
1.67

Effect of dilutive securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Warrants to purchase common stock

 

 
 

 

 
21

 
 

 

 
421

 
 

Non-vested restricted stock

 
25

 
 

 

 
49

 
 

 

 
48

 
 

Plus: reallocation of undistributed earnings to participating securities

 
 

 
 

 

 
 

 
 

 
5

 
 

 
 

Diluted EPS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income allocated to common stockholders plus assumed conversions
$
55,086

 
11,407

 
$
4.83

 
$
47,241

 
12,372

 
$
3.82

 
$
20,238

 
12,600

 
$
1.61

Available-for-sale Securities Available-for-sale investments included in cash equivalents at the end of each period were as follows (in thousands):
 
December 31, 2016
 
December 31, 2015
 
Adjusted Cost
 
Gross Unrealized Gains/Losses
 
Fair Value
 
Adjusted Cost
 
Gross Unrealized Gains/Losses
 
Fair Value
Municipal bonds and notes
$
43,490

 
$

 
$
43,490

 
$
35,222

 
$
2

 
$
35,224

Corporate debt securities
1,673

 
(2
)
 
1,671

 
5,029

 
(5
)
 
5,024

Financial institution instruments
28,307

 

 
28,307

 
17,235

 

 
17,235

Total available-for-sale investments
$
73,470

 
$
(2
)
 
$
73,468

 
$
57,486

 
$
(3
)
 
$
57,483