Earnings Per Share

3 Months Ended

Mar. 31, 2018

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 months ended March 31, 2018 and 2017.



	Three Months Ended March 31,
	2018		2017
	(In thousands, except per share amounts)
Weighted average basic common shares outstanding	20,298		20,692
Dilutive effect of employee stock purchases, net of assumed repurchase of treasury stock	9		6
Weighted average dilutive common shares outstanding	20,307		20,698
Basic:
Net Income	$	35,814	$	33,939
Less: Earnings allocated to participating securities	1,209		1,250
Earnings available to basic common shares	$	34,605	$	32,689
Basic earnings per common share	$	1.70	$	1.58
Diluted:
Net Income	$	35,814	$	33,939
Less: Earnings allocated to participating securities	1,208		1,250
Earnings available to diluted common shares	$	34,606	$	32,689
Diluted earnings per common share	$	1.70	$	1.58