Earnings Per Share Reconciliation

6 Months Ended

Jun. 30, 2016

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. Antidilutive common shares are not included in the calculation of diluted earnings per common share. For the three and six months ended June 30, 2016, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share were 262,000 and 267,000, respectively. For the three and six months ended June 30, 2015, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share were 254,000 and 228,000, respectively.

The table below shows 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				For the Six Months
	Ended June 30,				Ended June 30,
	2016		2015		2016		2015
	(In thousands, except per share amounts)

Earnings per common share:
Net earnings	$	25,514	$	26,813	$	48,905	$	42,646
Less: Net earnings allocated to restricted stock		99		143		205		223

Net earnings allocated to common shareholders	$	25,415	$	26,670	$	48,700	$	42,423

Weighted average shares outstanding		108,834		105,707		106,917		105,616
Basic earnings per common share	$	0.23	$	0.25	$	0.46	$	0.40


Diluted earnings per common share:
Net income allocated to common shareholders	$	25,415	$	26,670	$	48,700	$	42,423

Weighted average shares outstanding		108,834		105,707		106,917		105,616
Incremental shares from assumed exercise of outstanding options		410		451		406		445

Diluted weighted average shares outstanding		109,244		106,158		107,323		106,061
Diluted earnings per common share	$	0.23	$	0.25	$	0.45	$	0.40