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Earnings Per Share | 9 Months Ended
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Sep. 30, 2013
Earnings Per Share |
Earnings Per Share | 8. Earnings Per Share The Company computes earnings per share using the two-class method, an earnings allocation formula that determines earnings per share for common stock and participating securities according to dividends declared and participation rights in undistributed earnings, when that method results in a more dilutive effect than the Treasury method. The Company’s unvested grants of restricted stock contain non-forfeitable rights to dividends, should any be declared, and are treated as participating securities and included in the computation of earnings per share. Net income available to common shareholders and the weighted average number of common shares used to compute basic and diluted earnings per share was as follows:
|  | Three months ended |  | Nine months ended |
|  | September 30, |  | September 30, |
(In thousands, except per share data) |  | 2013 |  | 2012 |  | 2013 |  | 2012 |
Numerator: |  |  |  |  |  |  |  |  |
Net income |  | $ | 8,315 |  | $ | 8,746 |  | $ | 24,737 |  | $ | 24,491 |
Less: Net income allocated to participating securities |  | 83 |  | 78 |  | 237 |  | 195 |
Net income available to common shareholders |  | $ | 8,232 |  | $ | 8,668 |  | $ | 24,500 |  | $ | 24,296 |
Denominator: |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding |  | 20,860 |  | 20,410 |  | 20,769 |  | 20,349 |
Weighted average dilutive securities |  | 592 |  | 776 |  | 629 |  | 785 |
Weighted average common shares outstanding, diluted |  | 21,452 |  | 21,186 |  | 21,398 |  | 21,134 |
Income per common share, basic |  | $ | 0.39 |  | $ | 0.42 |  | $ | 1.18 |  | $ | 1.19 |
Income per common share, diluted |  | $ | 0.38 |  | $ | 0.41 |  | $ | 1.14 |  | $ | 1.15 |
For the three and nine months ended September 30, 2013, common equivalents related to approximately 221,000 outstanding stock options were excluded from the diluted earnings per share calculation because the inclusion of such shares would either be anti-dilutive or the exercise prices of those stock options were greater than the average market price of the Company’s common stock for the period. For the three and nine months ended September 30, 2012, common equivalents related to approximately 229,000 outstanding stock options were excluded from the diluted earnings per share calculation because the inclusion of such shares would either be anti-dilutive or the exercise prices of those stock options were greater than the average market price of the Company’s common stock for the period. Additionally, for the three and nine months ended September 30, 2012, common equivalents related to approximately 12,000 outstanding performance shares were excluded from the diluted earnings per share calculation because the underlying performance obligation was not met as of the end of the period.

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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 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: 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=6880815&loc=d3e20235-122688 Reference 4: 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 5: 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=16381557&loc=d3e4984-109258 Reference 6: 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 + Details
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