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Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2015

Computation of Basic and Diluted Earnings Per Share

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

(Dollars in thousands,		Quarters Ended September 30,								Nine Months Ended September 30,
except share and per share data)		2015				2014				2015				2014
Net income (loss)		$	(3,746	)		$	9,761			$	14,165			$	51,792
Basic earnings per share:
Weighted average shares outstanding – basic			25,463,994				25,137,531				25,452,991				25,126,684
Net income (loss) per share		$	(0.15	)		$	0.39			$	0.56			$	2.06
Diluted earnings per share:
Weighted average shares outstanding – diluted			25,704,931				25,334,716				25,684,931				25,323,187
Net income (loss) per share		$	(0.15	)		$	0.39			$	0.55			$	2.05

Reconciliation of Weighted Average Shares for Basic and Diluted Earnings Per Share

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 September 30,								Nine Months Ended September 30,
		2015				2014				2015				2014
Weighted average shares for basic earnings per share			25,463,994				25,137,531				25,452,991				25,126,684
Non-vested restricted stock			138,261				89,114				128,942				88,710
Options			102,676				108,071				102,998				107,793
Weighted average shares for diluted earnings per share			25,704,931				25,334,716				25,684,931				25,323,187

Summarizes Options which Deemed to be Anti-dilutive

The following table summarizes options which are deemed to be anti-dilutive at September 30, 2015:

Grant Date		Expiration Date		Outstanding Options				Strike Price
February 9, 2014		February 10, 2024			300,000				32.38
January 1, 2015		January 1, 2025			200,000				28.37
November 2, 2005 (1)		November 3, 2015			12,500				37.70
					512,500

X

- Definition

Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 260



-SubTopic 10



-Section 50



-Paragraph 1



-Subparagraph (c)



-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

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X

- Definition

Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 260



-SubTopic 10



-Section 50



-Paragraph 1



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- Definition

Tabular disclosure of the weighted average number of shares used in calculating basic net earnings per share (or unit) and diluted earnings per share (or unit).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 260



-SubTopic 10



-Section 50



-Paragraph 1



-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

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