Earnings Per Share

6 Months Ended

Jun. 30, 2015

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 June 30,				Six Months Ended June 30,
(in thousands)	2015		2014		2015		2014
Weighted-average number of shares of common stock for calculating basic earnings per share		26,142		25,912		26,117		25,851
Effect of potentially dilutive securities from equity-based compensation		131		308		155		372
Weighted-average number of shares of common stock for calculating diluted earnings per share		26,273		26,220		26,272		26,223

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 June 30,				Six Months Ended June 30,
(in thousands)	2015		2014		2015		2014
Options to purchase shares of common stock		650		15		215		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. The following table presents share repurchase activities during the three and six month ended June 30, 2015 and 2014.

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share amounts)	2015		2014		2015		2014
Number of shares repurchased		89		—		102		—
Aggregate purchase price	$	2,754		—	$	3,132		—
Average price per repurchased shares	$	30.79		—	$	30.81		—

As of June 30, 2015, 1,898,347 shares remain authorized for repurchase.