Earnings Per Share

6 Months Ended

Jun. 30, 2017

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. The Company’s restricted stock awards are participating securities. 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, 2017 and 2016.



	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
	(In thousands, except per share amounts)
Weighted average basic common shares outstanding	20,516		21,057		20,604		21,753
Dilutive effect of employee stock purchases, net of assumed repurchase of treasury stock	6		13		5		9
Weighted average dilutive common shares outstanding	20,522		21,070		20,609		21,762
Basic:
Net Income	$	39,133	$	46,580	$	73,072	$	80,871
Less: Earnings allocated to participating securities	1,389		1,885		2,645		3,224
Earnings available to basic common shares	$	37,744	$	44,695	$	70,427	$	77,647
Basic earnings per common share	$	1.84	$	2.12	$	3.42	$	3.57
Diluted:
Net Income	$	39,133	$	46,580	$	73,072	$	80,871
Less: Earnings allocated to participating securities	1,389		1,884		2,645		3,223
Earnings available to diluted common shares	$	37,744	$	44,696	$	70,427	$	77,648
Diluted earnings per common share	$	1.84	$	2.12	$	3.42	$	3.57