EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2015

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

NOTE I:  EARNINGS PER SHARE

Basic earnings per share are computed based on the weighted-average of the common shares outstanding for the period.  Diluted earnings per share are based on the weighted-average of the shares outstanding adjusted for the dilutive effect of restricted stock and the assumed exercise of stock options during the year.  The dilutive effect of options is calculated using the treasury stock method of accounting.  The treasury stock method determines the number of common shares that would be outstanding if all the dilutive options (those where the average market price is greater than the exercise price) were exercised and the proceeds were used to repurchase common shares in the open market at the average market price for the applicable time period.  There were approximately 0.3 million weighted-average anti-dilutive stock options outstanding for the three months ended March 31, 2015, compared to approximately 0.04 million weighted-average anti-dilutive stock options outstanding for the three months ended March 31, 2014 that were not included in the computation below.

The following is a reconciliation of basic to diluted earnings per share for the three months ended March 31, 2015 and 2014:

	Three Months Ended
	March 31,
(000's omitted, except per share data)	2015			2014
Net income	$	22,297		$	22,173
Income attributable to unvested stock-based compensation awards		(100	)		(99	)
Income available to common shareholders		22,197		$	22,074
Weighted-average common shares outstanding – basic		40,659			40,458
Basic earnings per share	$	0.55		$	0.55
Net income	$	22,297		$	22,173
Income attributable to unvested stock-based compensation awards		(100	)		(99	)
Income available to common shareholders		22,197		$	22,074
Weighted-average common shares outstanding – basic		40,659			40,458
Assumed exercise of stock options		405			512
Weighted-average common shares outstanding – diluted		41,064			40,970
Diluted earnings per share	$	0.54		$	0.54

Stock Repurchase Program

At its December 2014 meeting, the Company’s Board of Directors (the “Board”) approved a new repurchase program authorizing the repurchase of up to 2,000,000 shares of the Company’s common stock, in accordance with securities laws and regulations, through December 31, 2015.  Any repurchased shares will be used for general corporate purposes, including those related to stock plan activities.  The timing and extent of repurchases will depend on market conditions and other corporate considerations as determined at the Company’s discretion.  During the first three months of 2015 the Company repurchased 265,230 shares of its common stock in open market transactions, compared to 123,000 shares repurchased during 2014.