Earnings Per Share

9 Months Ended

Sep. 30, 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 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