Earnings Per Share

9 Months Ended

Sep. 30, 2016

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 September 30,				Nine Months Ended September 30,
(in thousands)	2016		2015		2016		2015
Weighted-average number of shares of common stock for calculating basic earnings per share		23,911		25,334		23,891		25,853
Effect of potentially dilutive securities from equity-based compensation		130		74		66		101
Weighted-average number of shares of common stock for calculating diluted earnings per share		24,041		25,408		23,957		25,954

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 September 30,				Nine Months Ended September 30,
(in thousands)	2016		2015		2016		2015
Options to purchase shares of common stock		636		1,326		998		746

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, through privately negotiated, large block transactions and through a share repurchase plan, in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. In August 2015, the Company’s Board of Directors authorized the Company to repurchase an additional 2,000,000 shares of the Company's outstanding common stock. The amount and time of the specific repurchases are subject to prevailing market conditions, applicable legal requirements and other factors, including management’s discretion. All shares repurchased by the Company are canceled and returned to the status of authorized but unissued shares of common stock. There can be no assurance that any shares authorized for repurchase will be repurchased and the repurchase program may be modified, extended or terminated by the Board of Directors at any time. The following table presents share repurchase activities during the three and nine months ended September 30, 2016 and 2015.

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except share and per share amounts)	2016		2015		2016		2015
Number of shares repurchased		—		1,754,636		—		1,856,289
Aggregate purchase price	$	—	$	45,653	$	—	$	48,784
Average price per repurchased shares	$	—	$	26.02	$	—	$	26.28

As of September 30, 2016, 1,592,026 shares remain authorized for repurchase.