9. 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 granted 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.

The restricted shares granted after 2013 contain a provision making the payment of dividends contingent upon vesting of the shares. These shares are not participating shares because any accumulated unvested dividends are forfeited, along with the shares, if the awards fail to vest. These non-participating shares are excluded from the computation of net income allocated to participating securities in the table below, but are included in the computation of weighted average dilutive securities, unless their inclusion would be anti-dilutive.

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				Six months ended
	June 30,				June 30,
(In thousands, except per share data)	2015		2014		2015		2014

Numerator:
Net income	$	8,074	$	7,741	$	15,246	$	14,013
Less: Net income allocated to participating securities		(32)		(54)		(96)		(116)
Net income available to common shareholders	$	8,042	$	7,687	$	15,150	$	13,897

Denominator:
Weighted average common shares outstanding		20,760		21,115		20,662		21,108
Weighted average dilutive securities		455		516		473		492
Weighted average common shares outstanding, diluted		21,215		21,631		21,135		21,600

Income per common share, basic	$	0.39	$	0.36	$	0.73	$	0.66
Income per common share, diluted	$	0.38	$	0.36	$	0.72	$	0.64

For the three and six month periods ended June 30, 2015 and 2014, 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:

	Three months ended				Six months ended
	June 30,				June 30,
(In thousands)	2015		2014		2015		2014

Stock options		—		104		2		104
Restricted stock		—		—		4		—
Performance awards		2		85		35		85

Share Repurchases

During the six months ended June 30, 2015, the Company repurchased 119,579 shares of common stock at a weighted-average price of $26.52 per share; 72,706 of those shares were purchased, for approximately $1.8 million, under its stock repurchase program (the “Repurchase Program”), which was scheduled to expire on August 31, 2015. Additionally, the Company repurchased 46,873 shares of stock, for approximately $1.4 million, from its employees to satisfy tax obligations on shares vested under the LTIP program. All of the shares repurchased were retired and returned to authorized but unissued stock.

On July 30, 2015 the Company’s Board of Directors approved an amended Repurchase Program, which increased the program from $25.0 million to $42.5 million, and extended the term of the program through August 31, 2016. With the amendment, the availability to purchase shares under the Repurchase Program increased to $25.0 million.