Earnings Per Share

3 Months Ended

Mar. 31, 2016

Note 6.

Earnings Per Share

Basic earnings per share excludes dilution and is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. 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 March 31,	2016		2015
(in thousands, except per share data)
Basic EPS:
Weighted average common shares outstanding		43,342		44,153
Net income available to common stockholders		18,891		18,166
Basic EPS	$	0.44	$	0.41

Diluted EPS:
Weighted average common shares outstanding		43,342		44,153
Dilutive effect of common stock options and restricted stock		365		489
Weighted average common shares and common share equivalents		43,707		44,642
Net income available to common stockholders		18,891		18,166
Diluted EPS	$	0.43	$	0.41

There were 30,861 and 461,611 stock options for the quarters ended March 31, 2016 and March 31, 2015, respectively, 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.