Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share (EPS)

v3.8.0.1
Earnings Per Share (EPS)
9 Months Ended
Sep. 30, 2017
Earnings Per Share [Abstract]  
Earnings Per Share ("EPS")

Note 4 - Earnings Per Share (“EPS”)

 

Basic EPS is computed by dividing net income by the basic weighted-average number of shares outstanding during the period.

 

Diluted EPS is computed by dividing net income by the diluted weighted-average number of shares outstanding during the period and, accordingly, reflects the potential dilution that could occur if securities or other agreements to issue common stock, such as stock options, were exercised, settled or converted into common stock and were dilutive. The diluted weighted-average number of shares used in our diluted EPS calculation is determined using the treasury stock method.

 

Unvested awards of share-based payments with rights to receive dividends or dividend equivalents, such as our restricted stock awards, are considered to be participating securities, and therefore, the two-class method is used for purposes of calculating EPS. Under the two-class method, a portion of net income is allocated to these participating securities and is excluded from the calculation of EPS allocated to common stock. Our restricted stock awards are subject to forfeiture and restrictions on transfer until vested and have identical voting, income and distribution rights to the unrestricted common shares outstanding. Our weighted average unvested restricted stock awards outstanding were 1,746,748 and 1,020,068 for the three months ended September 30, 2017 and 2016, and 1,525,502 and 930,674 for the nine months ended September 30, 2017 and 2016.

 

The calculations of basic and diluted EPS are as follows:

 

    Three Months Ended September 30, 2017     Three Months Ended September 30, 2016  
    Net  Income     Weighted Average Shares Outstanding     Earnings Per Share     Net  Income     Weighted Average Shares Outstanding     Earnings Per Share  
    (in thousands, except per share data)     (in thousands, except per share data)  
Basic:            
As reported   $ 1,393       23,022             $ 1,168       22,204          
Amounts allocated to unvested restricted shares     (106 )     (1,747 )             (53 )     (1,020 )        
Amounts available to common stockholders   $ 1,287       21,275     $ 0.06     $ 1,115       21,184     $ 0.05  
Diluted:                                                
Amounts allocated to unvested restricted shares     106                     53                
Non participating share units             1,747                       1,020          
Amounts reallocated to unvested restricted shares     (114 )                   (55 )              
Amounts available to stockholders and assumed conversions   $ 1,279       23,022     $ 0.06     $ 1,113       22,204     $ 0.05  

 

    Nine Months Ended September 30, 2017     Nine Months Ended September 30, 2016  
    Net  Income     Weighted Average Shares Outstanding     Earnings Per Share     Net  Income     Weighted Average Shares Outstanding     Earnings Per Share  
    (in thousands, except per share data)     (in thousands, except per share data)  
Basic:            
As reported   $ 3,030       22,807             $ 2,786       21,966          
Amounts allocated to unvested restricted shares     (203 )     (1,526 )             (115 )     (931 )        
Amounts available to common stockholders   $ 2,827       21,281     $ 0.13     $ 2,671       21,035     $ 0.13  
Diluted:                                                
Amounts allocated to unvested restricted shares     203                     115                
Non participating share units             1,526                       931          
Amounts reallocated to unvested restricted shares     (217 )                   (120 )              
Amounts available to stockholders and assumed conversions   $ 2,813       22,807     $ 0.12     $ 2,666       21,966     $ 0.12