Exhibit 11
Statement of Computation of Per Share Earnings
We compute earnings per share using the two-class method in accordance with Accounting Standards Codification Topic No. 260, "Earnings Per Share." The two-class method is an allocation of earnings between the holders of common stock and a company's participating security holders. Our outstanding non-vested shares of restricted stock contain non-forfeitable rights to dividends and, therefore, are considered participating securities for purposes of computing earnings per share pursuant to the two-class method. We had no other participating securities at September 30, 2017 or 2016.
Contingently issuable shares associated with outstanding service-based restricted stock units were not included in the earnings per share calculations for the three-month and nine-month periods ended September 30, 2017 and 2016 as the vesting conditions had not been satisfied.
The composition of basic and diluted earnings per share were as follows:
| | | For the three months ended September 30, | | | For the Nine months ended September 30, | |
| | | 2017 | | | 2016 | | | 2017 | | | 2016 | |
Numerator: | | | | | | | | | | | | | | | | |
Net income | | $ | 3,334 | | | $ | 12,868 | | | $ | 7,564 | | | $ | 37,661 | |
Less: distributed earnings allocated to non-vested stock | | | - | | | | (8 | ) | | | - | | | | (32 | ) |
Less: undistributed earnings allocated to non-vested restricted stock | | | (3 | ) | | | (35 | ) | | | (15 | ) | | | (131 | ) |
Numerator for basic earnings per share | | $ | 3,331 | | | $ | 12,825 | | | $ | 7,549 | | | $ | 37,498 | |
Effect of dilutive securities: | | | | | | | | | | | | | | | | |
Add: undistributed earnings allocated to non-vested restricted stock | | | 3 | | | | 35 | | | | 15 | | | | 131 | |
Less: undistributed earnings reallocated to non-vested restricted stock | | | (3 | ) | | | (35 | ) | | | (15 | ) | | | (131 | ) |
Numerator for diluted earnings per share | | $ | 3,331 | | | $ | 12,825 | | | $ | 7,549 | | | $ | 37,498 | |
Denominator: | | | | | | | | | | | | | | | | |
Weighted average shares outstanding – basic | | | 43,705,234 | | | | 43,570,734 | | | | 43,662,672 | | | | 43,524,729 | |
Effect of dilutive securities: | | | | | | | | | | | | | | | | |
Stock options and other awards | | | 9,519 | | | | 2,263 | | | | 8,748 | | | | 4,694 | |
Weighted average shares outstanding – diluted | | | 43,714,753 | | | | 43,572,997 | | | | 43,671,420 | | | | 43,529,423 | |
| | | | | | | | | | | | | | | | | |
Basic earnings per share | | $ | 0.08 | | | $ | 0.29 | | | $ | 0.17 | | | $ | 0.86 | |
Diluted earnings per share | | $ | 0.08 | | | $ | 0.29 | | | $ | 0.17 | | | $ | 0.86 | |
