| EARNINGS PER SHARE |
EARNINGS PER SHARE
Basic and diluted earnings per common share were calculated as follows (in thousands, except per share amounts):
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2017 |
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2016 |
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2017 |
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2016 |
Basic weighted average number of shares outstanding |
40,323 |
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40,022 |
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40,273 |
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39,958 |
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Effect of dilutive securities: |
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Convertible Notes (1)
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1,105 |
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2,176 |
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1,754 |
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2,176 |
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Unvested restricted stock |
583 |
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410 |
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558 |
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407 |
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Diluted average shares outstanding |
42,011 |
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42,608 |
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42,585 |
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42,541 |
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Net earnings as reported |
$ |
42,550 |
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$ |
36,887 |
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$ |
107,702 |
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$ |
97,734 |
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Interest attributable to Convertible Notes, net of income taxes |
201 |
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403 |
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942 |
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1,210 |
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Net earnings for diluted earnings per share |
$ |
42,751 |
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$ |
37,290 |
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$ |
108,644 |
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$ |
98,944 |
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Basic earnings per share |
$ |
1.06 |
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$ |
0.92 |
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$ |
2.67 |
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$ |
2.45 |
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Diluted earnings per share (1)
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$ |
1.02 |
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$ |
0.88 |
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$ |
2.55 |
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$ |
2.33 |
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Antidilutive stock not included in the calculation of diluted earnings per share |
2 |
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17 |
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4 |
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5 |
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(1) |
In accordance with ASC 260-10, Earnings Per Share, ("ASC 260-10") we calculate the dilutive effect of convertible securities using the "if-converted" method based on the number of days our Convertible Notes were outstanding during the period.
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