Stockholders' Equity

6 Months Ended

Jun. 30, 2015

Equity [Abstract]

Stockholders' Equity

8. 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 June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Numerator:
Net income available to common shareholders	$	18,715	$	15,161	$	36,268	$	27,456
Denominator:
Basic weighted average shares outstanding		31,735,333		32,898,288		31,709,645		33,012,845
Effect of dilutive securities:
Stock appreciation rights and options		226,680		263,532		233,373		283,223
Restricted stock		180,926		145,643		176,008		156,746
Diluted weighted average shares outstanding		32,142,939		33,307,463		32,119,026		33,452,814
Basic earnings per share	$	0.59	$	0.46	$	1.14	$	0.83
Diluted earnings per share	$	0.58	$	0.46	$	1.13	$	0.82

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 June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Restricted stock and stock options		—		—		—		44
Stock appreciation rights		—		3,340		—		2,268

Stock Repurchase Programs

On October 23, 2014, the Company’s Board of Directors authorized a common stock repurchase program of up to two million shares of the Company’s outstanding common stock (the “October 2014 Stock Repurchase Program”). This authorization has no expiration date. As of June 30, 2015, the Company has made no repurchases under the October 2014 Stock Repurchase Program.