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Note 10 - Earnings Per Share

6 Months Ended

Jun. 30, 2015

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

10. Earnings Per Share

Basic earnings per share is calculated by dividing net income by the weighted average number of common shares outstanding during the period, exclusive of restricted shares. Except where the result would be anti-dilutive, diluted earnings per share is calculated by assuming the vesting of unvested restricted stock and the exercise of stock options, as well as their related income tax benefits. The following table reconciles the numerator and the denominator used to calculate basic and diluted earnings per share:

		Three Months Ended June 30,								Six Months Ended June 30,
		2015				2014				2015				2014

Net income (numerator)		$	14,844			$	54,025			$	34,529			$	88,726
Weighted average shares (denominator)
Basic			68,961,877				68,538,251				68,886,672				68,481,682
Dilutive effect of stock compensation awards (1)			1,101,186				1,549,725				1,213,268				1,606,756
Diluted			70,063,063				70,087,976				70,099,940				70,088,438
Net income per share
Basic		$	0.22			$	0.79			$	0.50			$	1.30
Diluted		$	0.21			$	0.77			$	0.49			$	1.27

(1) Excludes approximately 142,900 stock options and 2,300 shares of restricted stock for the three month period ended June 30, 2015 and 104,400 stock options for the six month period ended June 30, 2015, as the impact of such awards was anti-dilutive. Excludes approximately 64,800 and 70,400 stock options for the three and six month periods ended June 30, 2014, respectively, as the impact of such awards was anti-dilutive.