10.

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,
	2017		2016		2017		2016
Numerator:
Net income available to common shareholders	$	28,782	$	23,725	$	56,732	$	47,430

Denominator:
Basic weighted average shares outstanding		29,389,458		29,264,362		29,376,407		29,481,042
Effect of dilutive securities:
Stock appreciation rights and options		98,813		136,872		99,699		142,460
Restricted stock		62,147		76,636		79,879		70,579

Diluted weighted average shares outstanding		29,550,418		29,477,870		29,555,985		29,694,081

Basic earnings per share	$	0.98	$	0.81	$	1.93	$	1.61

Diluted earnings per share	$	0.97	$	0.80	$	1.92	$	1.60

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,

2017

2016

2017

2016

Stock appreciation rights

16,340

—

12,255

9,262

Stock Repurchase Programs

On October 22, 2015, the Board of Directors adopted a stock repurchase program of up to 3,150,000 shares of the Company’s outstanding common stock (October 2015 Stock Repurchase Program). This authorization terminated on December 31, 2016. The Company repurchased 1,578,952 shares for $53.3 million under the October 2015 Stock Repurchase Program.

On February 16, 2017, the Board of Directors authorized a common stock repurchase program of up to 2,960,000 shares of the Company’s outstanding common stock (February 2017 Stock Repurchase Program). As of the date of this report, the Company has made no repurchases under the February 2017 Stock Repurchase Program.