XML 46 R13.htm IDEA: XBRL DOCUMENT v3.3.0.814
Stockholders' Equity
 9 Months Ended
Sep. 30, 2015
Equity [Abstract]  
Stockholders' Equity
8. STOCKHOLDERS’ EQUITY

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except share and per share data):

 

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

Numerator:

            

Net income available to common shareholders

    $ 3,744       $ 8,913       $ 40,012       $ 36,368   
  

 

 

     

 

 

     

 

 

     

 

 

  

Denominator:

            

Basic weighted average shares outstanding

      31,227,643         31,606,264         31,547,212         32,538,832   

Effect of dilutive securities:

            

Stock appreciation rights and options

      182,082         237,602         216,276         268,016   

Restricted stock

      127,285         164,915         159,767         159,469   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted weighted average shares outstanding

      31,537,010         32,008,781         31,923,255         32,966,317   
  

 

 

     

 

 

     

 

 

     

 

 

  

Basic earnings per share

    $ 0.12       $ 0.28       $ 1.27       $ 1.12   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted earnings per share

    $ 0.12       $ 0.28       $ 1.25       $ 1.10   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted earnings per share is computed using the weighted average number of shares determined for the basic earnings per share computation plus the dilutive effect of common stock equivalents using the treasury stock method. The computation of diluted earnings per share excludes the following potentially dilutive securities because the effect would be anti-dilutive:

 

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

Restricted stock and stock options

      2,004         10,444        668         3,511   

Stock appreciation rights

      7,726         3,340         2,575         2,625   

Stock Repurchase Programs

On October 23, 2014, the Company’s Board of Directors authorized a common stock repurchase program of up to two million shares of the Company’s outstanding common stock (Stock Repurchase Program). This authorization had no expiration date. During the three months ended September 30, 2015, the Company repurchased 1,134,300 shares for $45.2 million under the Stock Repurchase Program. On October 22, 2015, the Company’s Board of Directors terminated the Stock Repurchase Program adopted on October 23, 2014, and adopted a new stock repurchase program of up to three million one hundred fifty thousand (3,150,000) shares of the Company’s outstanding common stock (2015 Stock Repurchase Program). This authorization has a termination date of December 31, 2016. As of October 27, 2015, no shares have been purchased under the 2015 Stock Repurchase Program.