Note 12 - Earnings Per Share

12 Months Ended

Dec. 31, 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, dilutive 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:

	Year Ended December 31,
	2015		2014		2013

Net income (numerator)	$	77,747	$	174,613	$	174,539
Weighted average shares (denominator)
Basic		68,096,051		68,538,248		68,081,632
Dilutive effect of stock compensation awards (1)		1,104,246		1,632,796		1,585,897
Diluted		69,200,297		70,171,044		69,667,529
Net income per share
Basic	$	1.14	$	2.55	$	2.56
Diluted	$	1.12	$	2.49	$	2.51

(1) Excludes approximately 161,400, 81,600 and 10,300 stock options for the years ended December 31, 2015, 2014 and 2013, respectively, as the impact of such awards was anti-dilutive. Excludes approximately 1,000 shares of restricted stock for the year ended December 31, 2015, as the impact of such awards was anti-dilutive.