Note 11 - Earnings Per Share

9 Months Ended

Sep. 30, 2015

. 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 September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014

Net income (numerator)	$	34,036	$	36,497	$	68,565	$	125,223
Weighted average shares (denominator)
Basic		68,175,466		68,556,051		68,642,479		68,511,409
Dilutive effect of stock compensation awards (1)		1,006,999		1,477,173		1,138,821		1,539,544
Diluted		69,182,465		70,033,224		69,781,300		70,050,953
Net income per share
Basic	$	0.50	$	0.53	$	1.00	$	1.83
Diluted	$	0.49	$	0.52	$	0.98	$	1.79

(1) Excludes approximately 250,900 stock options and 11,000 shares of restricted stock for the three month period ended September 30, 2015, and 138,900 stock options and 800 shares of restricted stock for the nine month period ended September 30, 2015, as the impact of such awards was anti-dilutive. Excludes approximately 91,300 and 75,400 stock options for the three and nine month periods ended September 30, 2014, respectively, as the impact of such awards was anti-dilutive.