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EARNINGS PER SHARE

6 Months Ended

Jun. 30, 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 June 30						Six months ended June 30
(In thousands)	2017			2016			2017			2016
Net income available for stockholders:	$	6,119		$	4,818		$	11,380		$	8,739
Less: Adjustments for earnings attributable to participating securities		(203	)		(152	)		(368	)		(306	)
Net income used in calculating earnings per share	$	5,916		$	4,666		$	11,012		$	8,433

Weighted average shares outstanding (including participating securities)		34,936			38,363			34,934			38,330
Adjustment for participating securities		(1,116	)		(1,252	)		(1,151	)		(1,453	)
Shares used in calculating basic and diluted earnings per share		33,820			37,111			33,783			36,877