Earnings Per Share

3 Months Ended

Mar. 31, 2016

The two-class method is utilized for the computation of the Company's earnings per share (“EPS”). The two-class method requires a portion of net income to be allocated to participating securities, which are unvested awards of share-based payments with non-forfeitable rights to receive dividends or dividend equivalents, including the Company’s restricted stock awards. Income allocated to these participating securities is excluded from net earnings available to common shares, as shown in the table below. Basic EPS is computed by dividing net income available to basic common shares by the weighted average number of basic common shares outstanding during the period. Diluted EPS is computed by dividing net income available to diluted common shares by the weighted average number of dilutive common shares outstanding during the period.

The following table sets forth the calculation of EPS for the three months ended March 31, 2016 and 2015.



	Three Months Ended March 31,
	2016		2015
	(In thousands, except per share amounts)
Weighted average basic common shares outstanding	22,448		23,443
Dilutive effect of employee stock purchases, net of assumed repurchase of treasury stock	5		3
Weighted average dilutive common shares outstanding	22,453		23,446
Basic:
Net Income	$	34,291	$	35,815
Less: Earnings allocated to participating securities	1,348		1,388
Earnings available to basic common shares	$	32,943	$	34,427
Basic earnings per common share	$	1.47	$	1.47
Diluted:
Net Income	$	34,291	$	35,815
Less: Earnings allocated to participating securities	1,348		1,388
Earnings available to diluted common shares	$	32,943	$	34,427
Diluted earnings per common share	$	1.47	$	1.47