Earnings Per Share Reconciliation

6 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Earnings Per Share Reconciliation

8. EARNINGS PER SHARE RECONCILIATION

Basic earnings per common share are computed by dividing income allocated to common stockholders by the weighted-average number of common shares outstanding during each period. The computation of diluted earnings per common share considers the number of tax-effected shares issuable upon the assumed exercise of outstanding common stock options. Potentially dilutive common shares are excluded from the computation of diluted earnings per share in periods in which the effect would be antidilutive. For the three and six months ended June 30, 2014, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share, were 222,000 and 186,000 shares, respectively. For both the three and six months ended June 30, 2013, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share, were 1.0 million shares.

The table below summarizes earnings per common share and diluted earnings per common share, and reconciles the numerator and denominator of both earnings per common share calculations.

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2014		2013		2014		2013
	(In thousands, except per share amounts)
Earnings per common share:
Net earnings	$	25,484	$	24,466	$	54,145	$	46,081
Less: Net earnings allocated to restricted stock		145		75		274		144
Net earnings allocated to common shareholders	$	25,339	$	24,391	$	53,871	$	45,937
Weighted average shares outstanding		105,251		104,641		105,222		104,603
Earnings per common share	$	0.24	$	0.23	$	0.51	$	0.44
Diluted earnings per common share:
Net income allocated to common shareholders	$	25,339	$	24,391	$	53,871	$	45,937
Weighted average shares outstanding		105,251		104,641		105,222		104,603
Incremental shares from assumed exercise of outstanding options		504		273		552		257
Diluted weighted average shares outstanding		105,755		104,914		105,774		104,860
Diluted earnings per common share	$	0.24	$	0.23	$	0.51	$	0.44