Earnings Per Share

6 Months Ended

Jun. 30, 2016

The two-class method is utilized for the computation of the Company's earnings per share (“EPS”). The two-class method requires a portion of net income to be allocated to participating securities, which are unvested awards of share-based payments with non-forfeitable rights to receive dividends or dividend equivalents, including the Company’s restricted stock awards. Income allocated to these participating securities is excluded from net earnings available to common shares, as shown in the table below. Basic EPS is computed by dividing net income available to basic common shares by the weighted average number of basic common shares outstanding during the period. Diluted EPS is computed by dividing net income available to diluted common shares by the weighted average number of dilutive common shares outstanding during the period.

The following table sets forth the calculation of EPS for the three and six months ended June 30, 2016 and 2015.



	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
	(In thousands, except per share amounts)
Weighted average basic common shares outstanding	21,057		23,312		21,753		23,377
Dilutive effect of employee stock purchases, net of assumed repurchase of treasury stock	13		3		9		3
Weighted average dilutive common shares outstanding	21,070		23,315		21,762		23,380
Basic:
Net Income	$	46,580	$	46,310	$	80,871	$	82,124
Less: Earnings allocated to participating securities	1,885		1,792		3,224		3,176
Earnings available to basic common shares	$	44,695	$	44,518	$	77,647	$	78,948
Basic earnings per common share	$	2.12	$	1.91	$	3.57	$	3.38
Diluted:
Net Income	$	46,580	$	46,310	$	80,871	$	82,124
Less: Earnings allocated to participating securities	1,884		1,792		3,223		3,176
Earnings available to diluted common shares	$	44,696	$	44,518	$	77,648	$	78,948
Diluted earnings per common share	$	2.12	$	1.91	$	3.57	$	3.38