XML 26 R15.htm IDEA: XBRL DOCUMENT v3.4.0.3
Stockholders' Equity
 3 Months Ended
Mar. 31, 2016
Equity [Abstract]  
Stockholders' Equity
10. 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 March 31,  
     2016      2015  

Numerator:

      

Net income available to common shareholders

    $ 23,402       $ 17,553   
  

 

 

     

 

 

  

Denominator:

      

Basic weighted average shares outstanding

      29,697,722         31,683,672   

Effect of dilutive securities:

      

SARs and options

      107,755         240,066   

Restricted stock

      55,253         171,090   
  

 

 

     

 

 

  

Diluted weighted average shares outstanding

      29,860,730         32,094,828   
  

 

 

     

 

 

  

Basic earnings per share

    $ 0.79       $ 0.55   
  

 

 

     

 

 

  

Diluted earnings per share

    $ 0.78       $ 0.55   
  

 

 

     

 

 

  

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 March 31,  
     2016      2015  

Stock appreciation rights

      18,523        —    

Stock Repurchase Programs

On October 23, 2014, the Board of Directors authorized a common stock repurchase program of up to 2.0 million shares of the Company’s outstanding common stock (October 2014 Stock Repurchase Program). This authorization had no expiration date. In 2015, the Company repurchased 1,134,000 shares for $45.2 million under the October 2014 Stock Repurchase Program. On October 22, 2015, the Board of Directors terminated the October 2014 Stock Repurchase Program.

On October 22, 2015, the Board of Directors adopted a new stock repurchase program of up to 3.15 million shares of the Company’s outstanding common stock (October 2015 Stock Repurchase Program). This authorization has a termination date of December 31, 2016. As of March 31, 2016 the Company has repurchased 1,578,952 shares for $53.3 million under the October 2015 Stock Repurchase Program.