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EARNINGS PER SHARE

9 Months Ended

Sep. 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 September 30						Nine months ended September 30
(In thousands)	2017			2016			2017			2016
Net income available for stockholders:	$	4,564		$	4,284		$	15,944		$	13,023
Less: Adjustments for earnings attributable to participating securities		(136	)		(134	)		(498	)		(421	)
Net income used in calculating earnings per share	$	4,428		$	4,150		$	15,446		$	12,602

Weighted average shares outstanding (including participating securities)		34,829			38,355			34,898			38,339
Adjustment for participating securities		(1,056	)		(1,201	)		(1,101	)		(1,263	)
Shares used in calculating basic and diluted earnings per share		33,773			37,154			33,797			37,076