13.

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 September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
Numerator:
Net income available to common shareholders	$	20,098	$	7,787	$	76,829	$	55,217

Denominator:
Basic weighted average shares outstanding		29,404,049		29,295,284		29,385,722		29,419,958
Effect of dilutive securities:
Stock appreciation rights and options		97,315		116,803		98,905		133,907
Restricted stock		76,852		104,631		78,870		81,931

Diluted weighted average shares outstanding		29,578,216		29,516,718		29,563,497		29,635,796

Basic earnings per share	$	0.68	$	0.27	$	2.61	$	1.88

Diluted earnings per share	$	0.68	$	0.26	$	2.60	$	1.86

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 September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
Stock appreciation rights		17,957		—		14,156		6,174
Restricted stock		330		46		110		15

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.