Earnings Per Share

6 Months Ended

Jun. 30, 2016

Note 6.

Earnings Per Share

Basic earnings per share excludes dilution and is computed by dividing income available to common shareholders 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 unaudited interim consolidated statements of income.

Three months ended June 30,	2016		2015
(in thousands, except per share data)
Basic EPS:
Weighted average common shares outstanding		43,099		44,007
Net income	$	19,909	$	19,281
Basic EPS	$	0.46	$	0.44

Diluted EPS:
Weighted average common shares outstanding		43,009		44,007
Dilutive effect of common stock options and restricted stock		354		523
Weighted average common shares and common share equivalents		43,363		44,530
Net income	$	19,909	$	19,281
Diluted EPS	$	0.46	$	0.43

Six months ended June 30,	2016		2015
(in thousands, except per share data)
Basic EPS:
Weighted average common shares outstanding		43,220		44,079
Net income	$	38,800	$	37,447
Basic EPS	$	0.90	$	0.85

Diluted EPS:
Weighted average common shares outstanding		43,220		44,079
Dilutive effect of common stock options and restricted stock		364		510
Weighted average common shares and common share equivalents		43,584		44,589
Net income	$	38,800	$	37,447
Diluted EPS	$	0.89	$	0.84

There were 33,179 and 339,109 stock options for the quarter ended June 30, 2016 and June 30, 2015 respectively, 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 25,139 and 340,034 stock options for the six months ended June 30, 2016 for the six months ended June 30, 2015 respectively, 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.