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Stockholders' Equity
 9 Months Ended
Sep. 30, 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
September 30,		      Nine Months Ended
September 30,		  
     2016      2015      2016      2015  

Numerator:

            

Net income available to common shareholders

    $ 6,898       $ 3,744       $ 53,578       $ 40,012   
  

 

 

     

 

 

     

 

 

     

 

 

  

Denominator:

            

Basic weighted average shares outstanding

      29,295,284         31,227,643         29,419,958         31,547,212   

Effect of dilutive securities:

            

Stock appreciation rights and options

      81,612         182,082         95,738         216,276   

Restricted stock

      80,757         127,285         65,882         159,767   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted weighted average shares outstanding

      29,457,653         31,537,010         29,581,578         31,923,255   
  

 

 

     

 

 

     

 

 

     

 

 

  

Basic earnings per share

    $ 0.24       $ 0.12       $ 1.82       $ 1.27   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted earnings per share

    $ 0.23       $ 0.12       $ 1.81       $ 1.25   
  

 

 

     

 

 

     

 

 

     

 

 

  

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,		  
     2016      2015      2016      2015  

Restricted stock and stock options

      46         2,004        15         668   

Stock appreciation rights

      —           7,726         6,174         2,575   

Stock Repurchase Programs

On October 23, 2014, the Board of Directors authorized a common stock repurchase program of up to 2,000,000 shares of the Company’s outstanding common stock (October 2014 Stock Repurchase Program). This authorization had no expiration date. In 2015, the Company repurchased 1,134,300 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 3,150,000 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 September 30, 2016, the Company has repurchased 1,578,952 shares for $53.3 million under the October 2015 Stock Repurchase Program.