• Filing Date: 2017-02-22
  • Form Type: 10-K
  • Description: Annual report
v3.6.0.2
Earnings Per Share
12 Months Ended
Dec. 31, 2016
Earnings Per Share [Abstract]  
Earnings Per Share

Note 18 — Earnings Per Share

U.S. GAAP requires the Company to use the two-class method in computing basic earnings per share since holders of the Company’s restricted stock have the right to share in dividends, if declared, equally with common stockholders. These participating securities affect the computation of both basic and diluted earnings per share during periods of net income.

A summary of the numerator and denominator of the basic and fully diluted earnings per common share is presented below:

 

     Income      Shares      Per Share  
     (Numerator)      (Denominator)      Amount  
Year Ended December 31, 2016         

Net income

   $ 29,021         

Less: Income attributable to participating securities

     (1,545      
  

 

 

       

Basic Earnings Per Share:

        

Income allocated to common stockholders

     27,476         9,326       $ 2.95   
        

 

 

 

Effect of Dilutive Securities:

        

Stock options

     —           54      

Convertible senior notes

     4,244         1,493      
  

 

 

    

 

 

    

Diluted Earnings Per Share:

        

Income available to common stockholders and assumed conversions

   $ 31,720         10,873       $ 2.92   
  

 

 

    

 

 

    

 

 

 
Year Ended December 31, 2015         

Net income

   $ 65,861         

Less: Income attributable to participating securities

     (3,398      
  

 

 

       

Basic Earnings Per Share:

        

Income allocated to common stockholders

     62,463         9,602       $ 6.51   
        

 

 

 

Effect of Dilutive Securities:

        

Stock options

     —           102      

Convertible senior notes

     4,505         1,651      
  

 

 

    

 

 

    

Diluted Earnings Per Share:

        

Income available to common stockholders and assumed conversions

   $ 66,968         11,355       $ 5.90   
  

 

 

    

 

 

    

 

 

 
Year Ended December 31, 2014         

Net income

   $ 62,664         

Less: Preferred stock dividends

     4         

Less: Income attributable to participating securities

     (4,318      
  

 

 

       

Basic Earnings Per Share:

        

Income allocated to common stockholders

     58,350         9,888       $ 5.90   
        

 

 

 

Effect of Dilutive Securities:

        

Stock options

     —           137      

Convertible preferred stock

     (4      20      

Convertible senior notes

     4,343         1,649      
  

 

 

    

 

 

    

Diluted Earnings Per Share:

        

Income available to common stockholders and assumed conversions

   $ 62,689         11,694       $ 5.36