EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2016

3.	EARNINGS PER SHARE

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

	Three months ended June 30						Six months ended June 30
(In thousands)	2016			2015			2016			2015
Net income available for stockholders:	$	4,818		$	4,429		$	8,739		$	7,358
Less: Adjustments for earnings attributable to participating securities		(152	)		(143	)		(306	)		(238	)
Net income used in calculating earnings per share	$	4,666		$	4,286		$	8,433		$	7,120

Weighted average shares outstanding (including participating securities)		38,363			37,026			38,330			37,025
Adjustment for participating securities		(1,252	)		(1,255	)		(1,453	)		(1,250	)
Shares used in calculating basic earnings per share		37,111			35,771			36,877			35,775
Dilutive effect of stock based awards		-			94			-			199
Shares used in calculating diluted earnings per share		37,111			35,865			36,877			35,974