Stockholders' Equity

3 Months Ended

Mar. 31, 2014

Equity [Abstract]

Stockholders' Equity

7.     STOCKHOLDERS’ EQUITY

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except share and per share data):

	Three Months Ended March 31,
	2014		2013
Numerator:
Net income available to common shareholders	$	12,295	$	21,569
Denominator:
Basic weighted average shares outstanding		16,564,338		16,883,111
Effect of dilutive securities:
SARs and options		151,457		330,075
Restricted stock		83,924		67,259
Diluted weighted average shares outstanding		16,799,719		17,280,445
Basic earnings per share	$	0.74	$	1.28
Diluted earnings per share	$	0.73	$	1.25

Diluted earnings per share is computed using the weighted average number of shares determined for the basic earnings per share computation plus the dilutive effect of common stock equivalents using the treasury stock method. The computation of diluted earnings per share excludes the following potentially dilutive securities because the effect would be anti-dilutive:

	Three Months Ended March 31,
	2014		2013
Restricted stock and stock options		44		32,872
Stock appreciation rights		598		30,753

Stock Repurchase Programs

On October 24, 2013, the Company’s Board of Directors authorized a common stock repurchase program, expiring on February 10, 2014, of up to $30 million of the Company’s outstanding common stock (the “October 2013 Stock Repurchase Program”). The Company made no repurchases under the October 2013 Stock Repurchase Program before it expired.

On February 19, 2014, the Company’s Board of Directors authorized an additional common stock repurchase program of up to $50 million of the Company’s outstanding common stock (the “February 2014 Stock Repurchase Program”). This authorization has no expiration date. During the three months ended March 31, 2014, the Company made no repurchases under the February 2014 Stock Repurchase Program.