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				Nine months ended
	September 30,				September 30,
(In thousands, except per share data)	2015		2014		2015		2014

Numerator:
Net income	$	6,175	$	8,404	$	21,421	$	22,417
Less: Net income allocated to participating securities		(25)		(58)		(103)		(176)
Net income available to common shareholders	$	6,150	$	8,346	$	21,318	$	22,241

Denominator:
Weighted average common shares outstanding		20,788		20,988		20,662		21,040
Weighted average dilutive securities		426		533		451		496
Weighted average common shares outstanding, diluted		21,214		21,521		21,113		21,536

Income per common share, basic	$	0.30	$	0.40	$	1.03	$	1.06
Income per common share, diluted	$	0.29	$	0.39	$	1.01	$	1.03

For the three and nine month periods ended September 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				Nine months ended
	September 30,				September 30,
(In thousands)	2015		2014		2015		2014

Stock options		4		103		2		104
Performance awards		35		—		35		84

Share Repurchases

During the nine months ended September 30, 2015, the Company repurchased 374,963 shares of its common stock at a weighted-average price of $26.88 per share; 327,232 of those shares were purchased under its stock repurchase program (the “Repurchase Program”), for approximately $8.7 million, $7.8 million of which had settled as of September 30, 2015. Additionally, the Company repurchased 47,731 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 remaining availability to purchase shares under the Repurchase Program increased to $25.0 million, of which $18.1 million was available for repurchase as of September 30, 2015.