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Earnings Per Share
 9 Months Ended
Sep. 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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2016

 

 

 

2015

 

 

 

2016

 

 

 

2015

 

 

(In thousands, except per share amounts)

 

Net income

$

30,918

 

 

$

22,715

 

 

$

93,007

 

 

$

71,546

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

36,889

 

 

 

36,681

 

 

 

36,847

 

 

 

36,695

 

Dilutive effect of stock options and restricted stock

 

903

 

 

 

962

 

 

 

891

 

 

 

941

 

Diluted weighted average shares outstanding

 

37,792

 

 

 

37,643

 

 

 

37,738

 

 

 

37,636

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

$

0.84

 

 

$

0.62

 

 

$

2.52

 

 

$

1.95

 

Diluted earnings per share

$

0.82

 

 

$

0.60

 

 

$

2.46

 

 

$

1.90

 

Stock options and restricted stock totaling 6,480 shares and 130,112 shares for the three months ended September 30, 2016 and 2015, respectively, and 112,004 shares and 170,429 shares for the nine months ended September 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.