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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 6. | Earnings Per Share
Basic earnings per share is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding for the period, excluding shares issuable upon the exercise of certain contracts to issue common stock, such as in-the-money stock options. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity (such as the Company’s dilutive stock options and restricted stock units). The following is a reconciliation of basic and diluted earnings per share for the periods presented in the consolidated statements of income.
Three months ended September 30, |  | 2015 |  |  | 2014 |
(in thousands, except per share data) |  |  |  |  |  |
Basic EPS: |  |  |  |  |  |
Weighted average common shares outstanding |  |  | 43,692 |  |  |  | 43,882 |
Net income |  |  | 19,851 |  |  |  | 10,912 |
Basic EPS |  | $ | 0.45 |  |  | $ | 0.25 |
Diluted EPS: |  |  |  |  |  |  |  |
Weighted average common shares outstanding |  |  | 43,692 |  |  |  | 43,882 |
Dilutive effect of common stock options and restricted stock |  |  | 570 |  |  |  | 523 |
Weighted average common shares and common share equivalents |  |  | 44,262 |  |  |  | 44,405 |
Net income |  |  | 19,851 |  |  |  | 10,912 |
Diluted EPS |  | $ | 0.45 |  |  | $ | 0.25 |
Nine months ended September 30, |  | 2015 |  |  | 2014 |
(in thousands, except per share data) |  |  |  |  |  |
Basic EPS: |  |  |  |  |  |
Weighted average common shares outstanding |  |  | 43,949 |  |  |  | 43,847 |
Net income |  |  | 57,298 |  |  |  | 56,561 |
Basic EPS |  | $ | 1.30 |  |  | $ | 1.29 |
Diluted EPS: |  |  |  |  |  |  |  |
Weighted average common shares outstanding |  |  | 43,949 |  |  |  | 43,847 |
Dilutive effect of common stock options and restricted stock |  |  | 519 |  |  |  | 507 |
Weighted average common shares and common share equivalents |  |  | 44,468 |  |  |  | 44,354 |
Net income |  |  | 57,298 |  |  |  | 56,561 |
Diluted EPS |  | $ | 1.29 |  |  | $ | 1.28 |
There were 36,360 stock options for the quarter ended September 30, 2015 and 501,843 stock options for the quarter ended September 30, 2014 that were not considered in the calculation of diluted earnings per share since the stock options’ exercise price was greater than the average market price during these periods. There were 334,759 stock options for the nine months ended September 30, 2015 and 502,836 stock options for the nine months ended September 30, 2014 that were not considered in the calculation of diluted earnings per share since the stock options’ exercise price was greater than the average market price during these periods.

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