EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2017

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 March 31
(In thousands)	2017			2016
Net income available for stockholders:	$	5,261		$	3,921
Less: Adjustments for earnings attributable to participating securities		(163	)		(129	)
Net Income in calculating earnings per share	$	5,098		$	3,792

Weighted average shares outstanding (including participating securities)		34,931			38,298
Adjustment for participating securities		(1,145	)		(1,291	)
Shares used in calculating basic and diluted earnings per share		33,786			37,007