Earnings Per Share

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Earnings Per Share

NOTE 3. EARNINGS PER SHARE

Basic earnings per share (“EPS”) is computed as net income divided by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS is computed assuming conversion of all potentially dilutive securities including the dilutive effect of stock options, unvested restricted stock awards and other potentially dilutive securities. The table below presents the weighted-average number of shares of common stock used to calculate basic and diluted earnings per share:

	Three Months Ended March 31,
(in thousands)	2015		2014
Weighted-average number of shares of common stock for calculating basic earnings per share		26,091		25,789
Effect of potentially dilutive securities from equity-based compensation		185		441
Weighted-average number of shares of common stock for calculating diluted earnings per share		26,276		26,230

The following securities were not included in the computation of diluted earnings per share as their effect would have been anti-dilutive:

	Three Months Ended March 31,
(in thousands)	2015		2014
Options to purchase shares of common stock		26		9

In May 2008, the Company’s Board of Directors authorized the Company to repurchase an aggregate of 2,000,000 shares of the Company’s outstanding common stock. The Company has in the past made purchases of shares of its common stock from time to time in over-the-counter market (NASDAQ) transactions and/or through privately negotiated, large block transactions. Furthermore, in March 2015, pursuant to authorization from the Company’s Board of Directors, the Company entered into a share repurchase plan, in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, for the repurchase of up to 987,790 shares of the Company’s common stock. All shares repurchased by the Company are canceled and returned to the status of authorized but unissued shares of common stock. During the three months ended March 31, 2015, the Company repurchased 12,210 shares of common stock for an aggregate repurchase price of $0.4 million, or an average price of $30.91 per share. There were no repurchases of common stock during the three months ended March 31, 2014. As of March 31, 2015, 1,987,790 shares remain authorized for repurchase.