Earnings Per Share Reconciliation

3 Months Ended

Mar. 31, 2016

8.	EARNINGS PER SHARE RECONCILIATION

Basic earnings per common share are computed by dividing income allocated to common stockholders by the weighted-average number of common shares outstanding during each period. The computation of diluted earnings per common share considers the number of tax-effected shares issuable upon the assumed exercise of outstanding common stock options. Antidilutive common shares are not included in the calculation of diluted earnings per common share. For the three months ended March 31, 2016 and 2015, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share were 262,000 and 235,000, respectively.

The table below shows earnings per common share and diluted earnings per common share, and reconciles the numerator and denominator of both earnings per common share calculations.


	For the Three Months Ended March 31,
	2016		2015
	(In thousands, except per share amounts)
Earnings per common share:
Net earnings	$	23,391	$	15,833
Less: Net earnings allocated to restricted stock		104		81

Net earnings allocated to common shareholders	$	23,287	$	15,752

Weighted average shares outstanding		106,392		105,523
Basic earnings per common share	$	0.22	$	0.15

Diluted earnings per common share:
Net income allocated to common shareholders	$	23,287	$	15,752

Weighted average shares outstanding		106,392		105,523
Incremental shares from assumed exercise of outstanding options		392		436

Diluted weighted average shares outstanding		106,784		105,959
Diluted earnings per common share	$	0.22	$	0.15