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Earnings Per Share | 9 Months Ended
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Sep. 30, 2016
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | EARNINGS PER SHARE 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 and nine months ended September 30, 2016 and 2015.
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2016 |  | 2015 |  | 2016 |  | 2015
|  | (In thousands, except per share amounts)
Weighted average basic common shares outstanding |  | 20,568 |  |  | 23,132 |  |  | 21,355 |  |  | 23,294 |
Dilutive effect of employee stock purchases, net of assumed repurchase of treasury stock |  | 10 |  |  | 5 |  |  | 9 |  |  | 4 |
Weighted average dilutive common shares outstanding |  | 20,578 |  |  | 23,137 |  |  | 21,364 |  |  | 23,298 |
Basic: |  |  |  |  |  |  |  |
Net Income |  | $ | 35,366 |  |  | $ | 45,261 |  |  | $ | 116,237 |  |  | $ | 127,385 |
Less: Earnings allocated to participating securities |  | 1,427 |  |  | 1,729 |  |  | 4,652 |  |  | 4,906 |
Earnings available to basic common shares |  | $ | 33,939 |  |  | $ | 43,532 |  |  | $ | 111,585 |  |  | $ | 122,479 |
Basic earnings per common share |  | $ | 1.65 |  |  | $ | 1.88 |  |  | $ | 5.23 |  |  | $ | 5.26 |
Diluted: |  |  |  |  |  |  |  |
Net Income |  | $ | 35,366 |  |  | $ | 45,261 |  |  | $ | 116,237 |  |  | $ | 127,385 |
Less: Earnings allocated to participating securities |  | 1,426 |  |  | 1,729 |  |  | 4,651 |  |  | 4,905 |
Earnings available to diluted common shares |  | $ | 33,940 |  |  | $ | 43,532 |  |  | $ | 111,586 |  |  | $ | 122,480 |
Diluted earnings per common share |  | $ | 1.65 |  |  | $ | 1.88 |  |  | $ | 5.22 |  |  | $ | 5.26 |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1278-109256 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=32703322&loc=d3e4984-109258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 + Details
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