EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2016

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 September 30						Nine months ended September 30
(In thousands)	2016			2015			2016			2015
Net income available for stockholders:	$	4,284		$	3,103			13,023		$	10,461
Less: Adjustments for earnings attributable to participating securities		(134	)		(101	)		(421	)		(339	)
Net income used in calculating earnings per share	$	4,150		$	3,002			12,602		$	10,122

Weighted average shares outstanding (including participating securities)		38,355			36,889			38,339			36,982
Adjustment for participating securities		(1,201	)		(1,255	)		(1,263	)		(1,251	)
Shares used in calculating basic earnings per share		37,154			35,634			37,076			35,731
Dilutive effect of stock based awards		-			91			-			181
Shares used in calculating diluted earnings per share		37,154			35,725			37,076			35,912