Earnings per Share

12 Months Ended

Dec. 31, 2017

Note 15 – Earnings per Share

A summary of the calculation of basic and diluted earnings per share (EPS) for the years ended December 31, 2017, 2016 and 2015 is as follows:

(In thousands, except for per share amounts)	2017		2016		2015
Numerator
Net Income	$	23,840	$	35,229	$	18,646
Denominator
Weighted average number of shares – basic		48,153		48,724		51,145
Effect of dilutive securities:
Stock options		406		170		81
Restricted stock and restricted stock units		140		55		41
Weighted average number of shares – diluted	$	48,699	$	48,949	$	51,267
Net income per share – basic	$	0.50	$	0.72	$	0.36
Net income per share – diluted	$	0.49	$	0.72	$	0.36

For each of the years ended December 31, 2017, 2016 and 2015, 3.2 million, 4.6 million and 6.1 million stock options were outstanding but were not included in the computation of that year’s diluted EPS because the options’ exercise prices were greater than the average market price of the common shares, therefore making them anti-dilutive under the treasury stock method.