Earnings Per Share

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Earnings Per Share

Earnings per share

We compute basic earnings per share by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income available to common stockholders by the weighted average number of common shares and dilutive potential common shares outstanding during the period. Diluted earnings per share reflect the assumed exercise, settlement and vesting of all dilutive securities using the “treasury stock method” except when the effect is anti-dilutive. Potentially dilutive securities consist of shares issuable upon the exercise of stock options, settlement of stock appreciation rights and vesting of restricted stock awards and units.

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

	Three months ended September 30,				Nine months ended September 30,
(in thousands, except share and per share amounts)	2014		2013		2014		2013
Numerator:
Net income, as reported	$	10,380	$	9,393	$	23,474	$	18,682
Denominator:
Weighted average common shares	45,196,277		44,735,425		45,160,434		44,583,623
Add effect of dilutive securities:
Employee stock-based compensation	687,293		833,850		543,723		748,994
Weighted average common shares assuming dilution	45,883,570		45,569,275		45,704,157		45,332,617
Earnings per share:
Basic	$	0.23	$	0.21	$	0.52	$	0.42
Diluted	$	0.23	$	0.21	$	0.51	$	0.41

The following shares underlying stock-based awards were not included in diluted earnings per share because their inclusion would have been anti-dilutive:

	Three months ended September 30,		Nine months ended September 30,
	2014	2013	2014	2013
Shares excluded from calculations of diluted earnings per share	—	44,728	347,178	56,604