Earnings Per Share

6 Months Ended

Jun. 30, 2017

6.	Earnings Per Share

Basic earnings per share ("EPS") 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 EPS 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 EPS for the periods presented in the unaudited interim consolidated statements of income:

Three months ended June 30,	2017		2016
(In thousands, except per share data)
Basic EPS:
Weighted average common shares outstanding		43,579		43,099
Net income available to common stockholders	$	21,359	$	19,909
Basic EPS	$	0.49	$	0.46

Diluted EPS:
Weighted average common shares outstanding		43,579		43,009
Dilutive effect of common stock options and restricted stock		322		354
Weighted average common shares and common share equivalents		43,901		43,363
Net income available to common stockholders	$	21,359	$	19,909
Diluted EPS	$	0.49	$	0.46

Six months ended June 30,	2017		2016

Basic EPS:
Weighted average common shares outstanding		43,546		43,220
Net income available to common stockholders	$	41,638	$	38,800
Basic EPS	$	0.96	$	0.90

Diluted EPS:
Weighted average common shares outstanding		43,546		43,220
Dilutive effect of common stock options and restricted stock		340		364
Weighted average common shares and common share equivalents		43,886		43,584
Net income available to common stockholders	$	41,638	$	38,800
Diluted EPS	$	0.95	$	0.89

There were 3,250 and 33,179 stock options for the three months ended June 30, 2017 and June 30, 2016, respectively, that were not considered in the calculation of diluted EPS since the stock options’ exercise price was greater than the average market price during these periods.

There were 1,144 and 25,139 stock options for the six months ended June 30, 2017 and June 30, 2016, respectively, that were not considered in the calculation of diluted EPS since the stock options’ exercise price was greater than the average market price during these periods.