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EARNINGS PER SHARE | 9 Months Ended
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Sep. 30, 2015
EARNINGS PER SHARE [Abstract] |
EARNINGS PER SHARE |
NOTE I: | EARNINGS PER SHARE
Basic earnings per share are computed based on the weighted-average of the common shares outstanding for the period. Diluted earnings per share are based on the weighted-average of the shares outstanding adjusted for the dilutive effect of restricted stock and the assumed exercise of stock options during the year. The dilutive effect of options is calculated using the treasury stock method of accounting. The treasury stock method determines the number of common shares that would be outstanding if all the dilutive options (those where the average market price is greater than the exercise price) were exercised and the proceeds were used to repurchase common shares in the open market at the average market price for the applicable time period. There were approximately 0.6 million weighted-average anti-dilutive stock options outstanding for the three months ended September 30, 2015, and approximately 0.5 million weighted-average anti-dilutive stock options outstanding for the nine months ended September 30, 2015, compared to approximately 0.3 million weighted-average anti-dilutive stock options outstanding for the three months ended September 30, 2014, and approximately 0.2 million weighted-average anti-dilutive stock options outstanding for the nine months ended September 30, 2014 that were not included in the computation below. The following is a reconciliation of basic to diluted earnings per share for the three and nine months ended September 30, 2015 and 2014:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(000's omitted, except per share data) |  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
Net income |  | $ | 25,022 |  |  | $ | 22,371 |  |  | $ | 71,159 |  |  | $ | 68,220 |
Income attributable to unvested stock-based compensation awards |  |  | (129 | ) |  |  | (115 | ) |  |  | (352 | ) |  |  | (337 | )
Income available to common shareholders |  |  | 24,893 |  |  |  | 22,256 |  |  |  | 70,807 |  |  |  | 67,883 |
Weighted-average common shares outstanding – basic |  |  | 40,873 |  |  |  | 40,596 |  |  |  | 40,741 |  |  |  | 40,543 |
Basic earnings per share |  | $ | 0.61 |  |  | $ | 0.55 |  |  | $ | 1.74 |  |  | $ | 1.67 |
Net income |  | $ | 25,022 |  |  | $ | 22,371 |  |  | $ | 71,159 |  |  | $ | 68,220 |
Income attributable to unvested stock-based compensation awards |  |  | (129 | ) |  |  | (115 | ) |  |  | (352 | ) |  |  | (337 | )
Income available to common shareholders |  |  | 24,893 |  |  |  | 22,256 |  |  |  | 70,807 |  |  |  | 67,883 |
Weighted-average common shares outstanding – basic |  |  | 40,873 |  |  |  | 40,596 |  |  |  | 40,741 |  |  |  | 40,543 |
Assumed exercise of stock options |  |  | 386 |  |  |  | 453 |  |  |  | 400 |  |  |  | 482 |
Weighted-average common shares outstanding – diluted |  |  | 41,259 |  |  |  | 41,049 |  |  |  | 41,141 |  |  |  | 41,025 |
Diluted earnings per share |  | $ | 0.60 |  |  | $ | 0.54 |  |  | $ | 1.72 |  |  | $ | 1.65 |
Stock Repurchase Program At its December 2014 meeting, the Company’s Board of Directors (the “Board”) approved a new repurchase program authorizing the repurchase of up to 2,000,000 shares of the Company’s common stock, in accordance with securities laws and regulations, through December 31, 2015. Any repurchased shares will be used for general corporate purposes, including those related to stock plan activities. The timing and extent of repurchases will depend on market conditions and other corporate considerations as determined at the Company’s discretion. During the first nine months of 2015, the Company repurchased 265,230 shares of its common stock in open market transactions, compared to 123,000 shares repurchased during 2014.

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