Earnings Per Common Share

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Common Share

EARNINGS PER COMMON SHARE

Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per share gives effect to all dilutive common shares outstanding during the reporting period. The dilutive shares we consider in our diluted earnings per share calculation relate to our outstanding stock options and restricted stock awards.

We determine the dilutive effect of our outstanding stock options using the “treasury stock” method. Under this method, we assume the exercise of all of the outstanding stock options whose exercise price is less than the weighted-average market value of our common stock during the reporting period. This method also assumes that the proceeds from the hypothetical stock option exercises are used to repurchase shares of our common stock at the weighted-average market value of the stock during the reporting period. The net of the assumed stock options exercised and assumed common shares repurchased represents the number of dilutive common shares, which we add to the denominator of the earnings per share calculation.

The components of basic and diluted earnings per share were as follows for the three-month periods ended June 30, 2013 and 2012:

	Three Months Ended June 30,
(In Thousands Except Per Share Data)	2013				2012
	Basic		Diluted		Basic		Diluted
Net income	$	15,496	$	15,496	$	14,716	$	14,716
Weighted-average common shares outstanding	25,297,718		25,297,718		25,476,220		25,476,220
Add dilutive effect of restricted stock awards	—		59,849		—		56,608
Add dilutive effect of stock options	—		114,735		—		25,257
Weighted-average common shares for EPS calculation	25,297,718		25,472,302		25,476,220		25,558,085
Earnings per common share	$	0.61	$	0.61	$	0.58	$	0.58
Awards excluded from diluted EPS calculation(1)	—		647,726		—		1,103,142

(1) Outstanding awards are excluded from the diluted earnings per share calculation because the effect of including them would have been anti-dilutive.

The components of basic and diluted earnings per share were as follows for the six-month periods ended June 30, 2013 and 2012:

	Six Months Ended June 30,
(In Thousands Except Per Share Data)	2013				2012
	Basic		Diluted		Basic		Diluted
Net income	$	37,889	$	37,889	$	33,900	$	33,900
Weighted-average common shares outstanding	25,271,752		25,271,752		25,491,091		25,491,091
Add dilutive effect of restricted stock awards	—		59,849		—		56,608
Add dilutive effect of stock options	—		82,791		—		31,400
Weighted-average common shares for EPS calculation	25,271,752		25,414,392		25,491,091		25,579,099
Earnings per common share	$	1.50	$	1.49	$	1.33	$	1.33
Awards excluded from diluted EPS calculation(1)	—		663,326		—		1,103,142

(1) Outstanding awards excluded from the diluted earnings per share calculation because the effect of including them would have been anti-dilutive.