Earnings Per Share

6 Months Ended

Jun. 30, 2016

Basic earnings per share (“basic EPS”) is computed by dividing net income by the weighted average number of common shares outstanding for the reporting period. Diluted earnings per share (“diluted EPS”) gives effect to all dilutive potential shares outstanding resulting from employee stock options, restricted stock units, performance share units and stock appreciation rights ("SARs") during the period. The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended June 30, 2016 and 2015:



	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015

Net income	$	2,884	$	7,461	$	619	$	13,773

Basic – weighted average shares outstanding	27,776		27,620		27,753		27,603

Effect of dilutive potential securities	165		237		173		236

Diluted – weighted average shares outstanding	27,941		27,857		27,926		27,839

Net income (per share)
Basic	$	0.10	$	0.27	$	0.02	$	0.50
Diluted	0.10		0.27		0.02		0.49

The shares used in the calculation of diluted EPS exclude options and SARs to purchase shares where the exercise price was greater than the average market price of common shares for the period and the effect of the inclusion would be anti-dilutive. Such shares aggregated approximately 1.7 million and 1.3 million in three and six months ended June 30, 2016. Such shares were not material in the three and six months ended June 30, 2015.