Earnings Per Share

6 Months Ended

Jun. 30, 2015

Note 3 – Earnings Per Share

Basic earnings per share is computed using the weighted-average number of shares outstanding. Diluted earnings per share is computed using the weighted-average number of shares outstanding adjusted for the incremental shares attributed to outstanding stock equivalents. Stock equivalents include common shares issuable upon the exercise of stock options and other equity instruments, and are computed using the treasury stock method. Under the treasury stock method, the exercise price of a share, the amount of compensation cost, if any, for future service that the Company has not yet recognized, and the amount of estimated excess tax benefits that would be recorded in paid-in-capital, if any, when the share is exercised are assumed to be used to repurchase shares in the current period.

The following table sets forth the calculation of basic and diluted earnings per share:


		Three Months Ended				Six Months Ended
		June 30,				June 30,
(in thousands, except per share data)			2015		2014		2015		2014
Net income		$	21,210	$	22,150	$	35,415	$	41,275

Denominator for basic earnings per share -
	weighted-average number of common
	shares outstanding during the period		52,180		53,826		52,321		53,738
Incremental common shares attributable to
	exercise of dilutive options		386		443		387		461
Incremental common shares attributable
	to outstanding restricted shares and
	restricted stock units		105		136		176		195
Denominator for diluted earnings per share			52,671		54,405		52,884		54,394

Basic earnings per share		$	0.41	$	0.41	$	0.68	$	0.77
Diluted earnings per share		$	0.40	$	0.41	$	0.67	$	0.76

Options to purchase 1.0 million common shares for both the three- and six-month periods ended June 30, 2015 were not included in the computation of diluted earnings per share because their effect would have been anti-dilutive. Options to purchase 0.7 million common shares for both the three- and six-month periods ended June 30, 2014 were not included in the computation of diluted earnings per share because their effect would have been anti-dilutive.