EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2016

3.	EARNINGS PER SHARE

Basic and diluted earnings per share are computed by dividing net income by the weightedaverage number of shares outstanding during the respective periods. In addition, the Companyhas periodically issued share-based payment awards that contain non-forfeitable rights todividends and are therefore considered participating securities. Restricted shares of commonstock (participating securities) outstanding and a reconciliation of weighted average sharesoutstanding is as follows:

	Three months ended March 31
(In thousands)		2016			2015
Net income available for stockholders:	$	3,921		$	2,929
Less: Adjustments for earnings attributable to participating securities		(129	)		(95	)
Net Income in calculating earnings per share	$	3,792		$	2,834

Weighted average shares outstanding (including participating securities)		38,298			37,028
Adjustment for participating securities		(1,291	)		(1,244	)
Shares used in calculating basic earnings per share		37,007			35,784
Dilutive effect of stock based awards		-			236
Shares used in calculating diluted earnings per share		37,007			36,020