Earnings Per Share

6 Months Ended

Jun. 30, 2015

13. Earnings Per Share

Earnings per share have been computed using the weighted average number of ordinary shares and ordinary share equivalents outstanding during the period.

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


(Dollars in thousands,	Quarters Ended June 30,				Six Months Ended June 30,
except share and per share data)	2015		2014		2015		2014
Net income	$	11,117	$	33,208	$	17,911	$	42,031

Basic earnings per share:
Weighted average shares outstanding – basic		25,454,579		25,128,280		25,447,398		25,121,171

Net income per share	$	0.44	$	1.32	$	0.70	$	1.67

Diluted earnings per share:
Weighted average shares outstanding – diluted		25,680,997		25,312,938		25,659,869		25,301,783

Net income per share	$	0.43	$	1.31	$	0.70	$	1.66

A reconciliation of weighted average shares for basic earnings per share to weighted average shares for diluted earnings per share is as follows:


	Quarters Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Weighted average shares for basic earnings per share		25,454,579		25,128,280		25,447,398		25,121,171
Non-vested restricted stock		122,141		77,880		109,308		77,125
Options		104,277		106,778		103,163		103,487

Weighted average shares for diluted earnings per share		25,680,997		25,312,938		25,659,869		25,301,783

The weighted average shares outstanding used to determine dilutive earnings per share for the quarters ended June 30, 2015 and 2014 do not include 512,500 and 37,500 shares, respectively, which were deemed to be anti-dilutive. The weighted average shares outstanding used to determine dilutive earnings per share for the six months ended June 30, 2015 and 2014 do not include 512,500 and 37,500 shares, respectively, which were deemed to be anti-dilutive.