Earnings Per Share

12 Months Ended

Dec. 31, 2015

23. Earnings Per Share

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

Year Ended December 31 (in thousands except per share data)	2015		2014		2013
Numerator:
Net income	$	46,432	$	43,251	$	45,172

Denominator:
Basic earnings per share:
Weighted average shares		17,431		17,326		17,158
Diluted earnings per share:
Dilutive effect of equity grants		52		71		82
Adjusted weighted average shares		17,483		17,397		17,240

Earnings per share:
Basic earnings per share	$	2.66	$	2.50	$	2.63
Diluted earnings per share		2.66		2.49		2.62

Options to purchase 58,063 common shares at a weighted average price of $35.409 were excluded from the diluted calculations above for the year ended December 31, 2015, because the exercise prices on the options were greater than the average market price for the period. In addition to in-the-money stock options, unvested restricted stock grants were also used in the calculation of diluted earnings per share based on the treasury method. There were no options to purchase common shares that were excluded from the diluted calculations above for the year ended December 31, 2014. Options to purchase 65,519 common shares at a weighted average price of $35.409 were excluded from the diluted calculations above for the year ended December 31, 2013.