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Stockholders' Equity
 3 Months Ended
Mar. 31, 2015
Stockholders' Equity  
Stockholders' Equity

 

8. Stockholders' Equity

Earnings Per Share

        Basic earnings per share ("EPS") is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted EPS is computed considering the dilutive effect of stock options, contingently issuable restricted stock and restricted stock units.

        There were approximately 0.1 million anti-dilutive stock options excluded from the calculation of diluted EPS for the three months ended March 31, 2015 and no anti-dilutive stock options for the three months ended March 31, 2014.

        The following table reconciles the number of shares outstanding with the number of shares used in computing basic and diluted earnings per share for each of the periods presented (in thousands):

                                                                                                                                                                                    

 

 

Three Months
Ended March 31,

 

 

 

2015

 

2014

 

Common shares outstanding, end of period(a)

 

 
37,307

 

 
37,597

 

Effect of using weighted average common shares outstanding

 

 
(26

)

 
(15

)

​

​

​  

​  

​

​  

​  

​

Shares used in computing earnings per share—basic

 

 
37,281

 

 
37,582

 

Effect of shares issuable under stock option plans based on the treasury stock method

 

 
233

 

 
186

 

Effect of contingently issuable restricted shares

 

 
91

 

 
122

 

​

​

​  

​  

​

​  

​  

​

Shares used in computing earnings per share—diluted

 

 
37,605

 

 
37,890

 

​

​

​  

​  

​

​  

​  

​

​

​

​  

​  

​

​  

​  

​  

(a)

Excludes 0.1 million shares of unvested contingently issuable restricted stock outstanding as of March 31, 2014.

Share Repurchase Program

        On March 29, 2007, our Board of Directors (the "Board") approved a stock repurchase program to acquire up to 1.0 million shares of our outstanding common stock. Subsequently, the Board has from time to time approved extensions of the program to acquire additional shares. On October 24, 2014, the Board approved an extension to the program by increasing the shares authorized for repurchase by 1.0 million shares. Since the inception of the repurchase program, the Board has approved 7.6 million shares to be repurchased.

        The share repurchases will be made from time to time at our discretion in the open market or privately negotiated transactions as permitted by securities laws and other legal requirements, and subject to market conditions and other factors. The Board may modify, suspend, extend or terminate the program at any time. No shares were repurchased during the current quarter. Since the inception of the program in 2007 and as of March 31, 2015, we have repurchased a cumulative total of 6.6 million shares at an average price of $11.30 per share.