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Earnings Per Share
 6 Months Ended
Jun. 30, 2016
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share
The computation of basic and diluted earnings per common share is as follows:    
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
(In thousands, except per share amounts)
2016
 
2015
 
2016
 
2015
 
 
 
 
 
 
 
 
Computation of Basic Earnings Per Share:
 
 
 
 
 
 
 
Numerator:
 
 
 
 
 
 
 
Net income
$
38,822

 
$
35,813

 
$
59,985

 
$
57,407

Income allocated to participating securities
(272
)
 
(243
)
 
(411
)
 
(413
)
Net income available to common shareholders
$
38,550

 
$
35,570

 
$
59,574

 
$
56,994

Denominator:
 
 
 
 
 
 
 
Weighted average common shares outstanding – basic
56,060

 
57,212

 
56,043

 
57,108

 
 
 
 
 
 
 
 
Basic earnings per share
$
0.69

 
$
0.62

 
$
1.06

 
$
1.00

 
 
 
 
 
 
 
 
Computation of Diluted Earnings Per Share:
 
 
 
 
 
 
 
Numerator:
 
 
 
 
 
 
 
Net income
$
38,822

 
$
35,813

 
$
59,985

 
$
57,407

Income allocated to participating securities
(271
)
 
(241
)
 
(410
)
 
(411
)
Net income available to common shareholders
$
38,551

 
$
35,572

 
$
59,575

 
$
56,996

Denominator:
 
 
 
 
 
 
 
Weighted average common shares outstanding – basic
56,060

 
57,212

 
56,043

 
57,108

Diluted effect of stock options and PVRSUs
296

 
476

 
304

 
525

Weighted average common shares outstanding – diluted
56,356

 
57,688

 
56,347

 
57,633

 
 
 
 
 
 
 
 
Diluted earnings per share
$
0.68

 
$
0.62

 
$
1.06

 
$
0.99



The Company's unvested restricted shares contain rights to receive non-forfeitable dividends, and thus are participating securities requiring the two-class method of computing earnings per share ("EPS"). The calculation of EPS for common stock shown above excludes the income attributable to the unvested restricted share awards from the numerator and excludes the dilutive impact of those awards from the denominator.
At June 30, 2016 and 2015, the Company had 2.6 million and 2.2 million outstanding stock options, respectively. Stock options are included in the diluted earnings per share calculation using the treasury stock method and average market prices during the period, unless the stock options would be anti-dilutive. For the three and six months ended June 30, 2016, the Company excluded 1.2 million of anti-dilutive stock options from the diluted earnings per share calculation. For the three and six months ended June 30, 2015, the Company excluded 0.5 million of anti-dilutive stock options from the diluted earnings per share calculation.
PVRSUs are also included in the diluted earnings per share calculation when the performance conditions have been met at the reporting date. However, at June 30, 2016 and 2015, PVRSUs totaling 251,956 and 213,119, respectively, were excluded from the computation since the performance conditions had not been met.