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Earnings Per Share
 6 Months Ended
Jun. 30, 2016
Earnings Per Share [Abstract]  
Earnings Per Share

 

8. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per common share:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2016

 

 

 

2015

 

 

 

2016

 

 

 

2015

 

 

(In thousands, except per share amounts)

 

Net income

$

33,126

 

 

$

24,238

 

 

$

62,089

 

 

$

48,831

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

36,876

 

 

 

36,699

 

 

 

36,826

 

 

 

36,703

 

Dilutive effect of stock options and restricted stock

 

872

 

 

 

943

 

 

 

884

 

 

 

931

 

Diluted weighted average shares outstanding

 

37,748

 

 

 

37,642

 

 

 

37,710

 

 

 

37,634

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

$

0.90

 

 

$

0.66

 

 

$

1.69

 

 

$

1.33

 

Diluted earnings per share

$

0.88

 

 

$

0.64

 

 

$

1.65

 

 

$

1.30

 

Stock options and restricted stock totaling 91,308 shares and 131,329 shares for the three months ended June 30, 2016 and 2015, respectively, and 164,766 shares and 190,588 shares for the six months ended June 30, 2016 and 2015, respectively, were excluded from the computation of diluted earnings per share because their effect would have been antidilutive. The computation of diluted shares can vary among periods due, in part, to the change in the average price of the Company’s common stock.