Earnings Per Share

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

8. Earnings Per Share

The Company computes earnings per share using the two-class method, an earnings allocation formula that determines earnings per share for common stock and participating securities according to dividends declared and participation rights in undistributed earnings, when that method results in a more dilutive effect than the treasury method. The Company’s unvested grants of restricted stock granted prior to 2014 contain non-forfeitable rights to dividends, should any be declared, and are treated as participating securities and included in the computation of earnings per share.

The restricted shares granted after 2013 contain a provision making the payment of dividends contingent upon vesting of the shares. These shares are not participating shares because any accumulated unvested dividends are forfeited, along with the shares, if the awards fail to vest. These non-participating shares are excluded from the computation of net income allocated to participating securities in the table below, but are included in the computation of weighted average dilutive securities, unless their inclusion would be anti-dilutive.

Net income available to common shareholders and the weighted average number of common shares used to compute basic and diluted earnings per share was as follows:

	Three months ended
	March 31,
(In thousands, except per share data)	2015		2014
Numerator:
Net income	$	7,172	$	6,272
Less: Net income allocated to participating securities		(45)		(62)
Net income available to common shareholders	$	7,127	$	6,210
Denominator:
Weighted average common shares outstanding		20,562		21,036
Weighted average dilutive securities		490		477
Weighted average common shares outstanding, diluted		21,052		21,513
Income per common share, basic	$	0.35	$	0.30
Income per common share, diluted	$	0.34	$	0.29

For the three month periods ended March 31, 2015 and 2014, certain common stock equivalents were excluded from the calculation of dilutive securities because their inclusion would either have been anti-dilutive or, for stock options, the exercise prices of those stock options were greater than the average market price of the Company’s common stock for the period. All of the Company’s non-participating unvested restricted shares were included in the computation of weighted average dilutive securities. The following table summarizes the shares of common stock underlying the Company’s unvested stock options and performance awards that were excluded from the calculation of dilutive securities:

	Three months ended
	March 31,
(In thousands)	2015		2014
Stock options		4		110
Restricted stock		53		64
Performance awards		70		85

Share Repurchases

During the three months ended March 31, 2015, the Company repurchased 118,613 shares of common stock at a weighted-average price of $26.49 per share, 72,706 of those shares were purchased under its $25.0 million stock repurchase program (the “Repurchase Program”), which expires August 31, 2015, for approximately $1.8 million. Additionally, the Company repurchased 45,907 shares of stock, for approximately $1.3 million, from its employees to satisfy tax obligations on shares vested under the LTIP program. All of the shares repurchased were retired and returned to authorized but unissued stock.