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Earnings Per Share
 12 Months Ended
Dec. 31, 2014
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]

15. 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 grants of restricted stock made prior to 2014 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. Restricted stock shares granted in 2014, which contain forfeitable dividend rights, are not considered participating and are included in weighted average dilutive securities.
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:
 
 
For the Year Ended December 31,
(in thousands, except per share data)
2014
2013
2012
Numerator:
Net income
$
36,544
$
34,759
$
34,262
Less: Net income allocated to participating securities
(277
)
(336
)
(282
)
Net income available to common shareholders
$
36,267
$
34,423
$
33,980
Denominator:
Weighted average common shares outstanding
20,922
20,821
20,391
Weighted average dilutive securities
544
610
781
Weighted average common shares outstanding, diluted
21,466
21,431
21,172
Income per common share, basic
$
1.73
$
1.65
$
1.67
Income per common share, diluted
$
1.69
$
1.61
$
1.60
For the years ended December 31, 2014, 2013 and 2012, certain common stock equivalents were excluded from the calculation of dilutive securities because their inclusion would either have been anti-dilutive or, for stock options, the exercise prices of those stock options were greater than the average market price of the Company’s common stock for the period. All of the Company’s non-participating unvested restricted shares were included in the computation of weighted average dilutive securities. The following table summarizes the shares of common stock underlying the Company’s unvested stock options and performance awards that were excluded from the calculation of dilutive securities:
 
 
(In thousands)
2014
2013
2012
Stock options
100
220
229
Performance awards
—
—
10

Share Repurchase Program

During 2014 the Company repurchased 651,258 shares of common stock (at a weighted-average price of $23.98 per share) under its $25.0 million stock repurchase program (the “Repurchase Program”), which expires August 31, 2015. The total cost of $15.6 million was recorded as a reduction of common stock and additional paid-in capital in 2014, leaving $9.4 million available for further share repurchases. Under the Repurchase Program, all shares repurchased are retired and returned to authorized but unissued stock.