15. Earnings Per Share

The Company computes earnings per share using the treasury stock method unless the two-class method is more dilutive. The Company computed earnings per share for the year ended December 31, 2015 using the treasury stock method. Under the treasury stock method, basic earnings per share are computed by dividing net income available to shareholders by the weighted average number of common shares outstanding during the period, and diluted earnings per share are computed by dividing net income available to shareholders by share is computed using the weighted average number of common shares outstanding during the period adjusted for plus all potentially dilutive common stock equivalents, except in cases where the effect of the common stock equivalent would be anti-dilutive.

For the years ended December 31, 2014 and 2013, the Company computed earnings per share using the two-class method because that method resulted in a more dilutive effect than the treasury stock method. The two-class method is 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. Under the two-class method, the Company’s unvested grants of restricted stock that contained non-forfeitable rights to dividends were treated as participating securities and were excluded from the computation of basic and diluted earnings per share. All shares of restricted stock granted since 2013 are not participating because the grant agreements contain provisions that dividends, if declared, will be forfeited if the grantee leaves the Company before the stock is vested.

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)	2015		2014			2013
Numerator:
Net income	$	27,302	$	36,544		$	34,759
Less: Net income allocated to participating securities		—		(277	)		(336	)
Net income available to common shareholders	$	27,302	$	36,267		$	34,423
Denominator:
Weighted average common shares outstanding		20,577		20,922			20,821
Weighted average dilutive securities		461		544			610
Weighted average common shares outstanding, diluted		21,038		21,466			21,431
Income per common share, basic	$	1.33	$	1.73		$	1.65
Income per common share, diluted	$	1.30	$	1.69		$	1.61

For the years ended December 31, 2015, 2014 and 2013, 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)	2015		2014		2013
Stock options		3		100		220
Performance awards		34		—		—

Share Repurchase Program

On July 30, 2015, the Company increased its stock repurchase program (the “Repurchase Program”) from $25.0 million to $42.5 million, and extended the term of the program through August 31, 2016. On December 10, 2015 the Company increased the Repurchase Program by $25.0 million to $67.5 million

During 2015 the Company repurchased 1,183,862 shares of common stock (at a weighted-average price of $22.84 per share) under the Repurchase Program. The total cost of $27.0 million, $26.1 million of which had settled as of December 31, 2015, was recorded as a reduction of common stock, additional paid-in capital and retained earnings in 2015. Under the Repurchase Program, all shares repurchased are retired and returned to authorized but unissued stock. The remaining availability to purchase shares under the Repurchase Program was $24.8 million as of December 31, 2015.

On February 10, 2016 the Company increased the Repurchase Program by $75.0 million to $142.5 million, amended the provisions of the plan to accelerate the pace of repurchases, and extended the program through April 30, 2017.