Stockholders' Equity

6 Months Ended

Jun. 30, 2015

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 no anti-dilutive stock options for the three and six months ended June 30, 2015, respectively. There were no anti-dilutive stock options for the six months ended June 30, 2014. There were approximately 0.2 million anti-dilutive stock options excluded from the calculation of diluted EPS for the three months ended June 30, 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 June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Common shares outstanding, end of period		37,550			37,748			37,550			37,748
Effect of using weighted average common shares outstanding		(93	)		(42	)		(180	)		(104	)

Shares used in computing earnings per share—basic		37,457			37,706			37,370			37,644
Effect of shares issuable under stock option plans based on the treasury stock method		289			144			260			165
Effect of restricted shares		171			30			131			105

Shares used in computing earnings per share—diluted		37,917			37,880			37,761			37,914

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. 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. During the six months ended June 30, 2015, we repurchased 0.1 million shares for approximately $1.5 million at an average price of $20.88 per share. Since the inception of the program in 2007 through June 30, 2015, we have repurchased a cumulative total of 6.6 million shares at an average price of $11.40 per share.