Earnings Per Share

6 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Earnings Per Share

Note 7. Earnings Per Share

Basic earnings per share excludes dilution and is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity (such as the Company’s dilutive stock options and restricted stock units).

The following is a reconciliation of basic and diluted earnings per share for the periods presented in the consolidated statements of income.

Three months ended June 30,	2014		2013
(in thousands, except per share data)
Basic EPS:
Weighted average common shares outstanding		43,865		43,923
Net income available to common shareholders		27,640		16,916
Basic EPS	$	0.63	$	0.39
Diluted EPS:
Weighted average common shares outstanding		43,865		43,923
Dilutive effect of common stock options and restricted stock		498		393
Weighted average common shares and common share equivalents		44,363		44,316
Net income available to common shareholders		27,640		16,916
Diluted EPS	$	0.62	$	0.38

Six months ended June 30,	2014		2013
(in thousands, except per share data)
Basic EPS:
Weighted average common shares outstanding		43,829		40,187
Net income available to common shareholders		45,649		24,565
Basic EPS	$	1.04	$	0.61
Diluted EPS:
Weighted average common shares outstanding		43,829		40,187
Dilutive effect of common stock options and restricted stock		500		388
Weighted average common shares and common share equivalents		44,329		40,575
Net income available to common shareholders		45,649		24,565
Diluted EPS	$	1.03	$	0.61

There were 503,058 stock options for the quarter ended June 30, 2014 and 1,231,395 stock options for the quarter ended June 30, 2013 that were not considered in the calculation of diluted earnings per share since the stock options’ exercise price was greater than the average market price during these periods.

There were 500,541 stock options for the six months ended June 30, 2014 and 1,203,046 stock options for the six months ended June 30, 2013 that were not considered in the calculation of diluted earnings per share since the stock options’ exercise price was greater than the average market price during these periods.