Stockholders' Equity and Earnings Per Share

12 Months Ended

Dec. 31, 2014

Stockholders' Equity and Earnings Per Share

4.	STOCKHOLDERS’ EQUITY AND EARNINGS PER SHARE

The Company is authorized to issue up to 100 million shares of common stock. Basic earnings per share (“EPS”) is calculated using the average number of shares of common stock outstanding during each period. Diluted EPS assumes the restricted stock is outstanding on the date of the grant and the exercise of all stock options having exercise prices less than the average market price of the common stock using the treasury stock method.

A reconciliation of diluted shares consists of the following:

	Year Ended December 31,
	2014		2013		2012
Item
Basic weighted average common stock issued and outstanding		57,229,435		57,298,910		57,673,342
Dilutive options and restricted stock		-		626,091		1,158,717
Total diluted shares		57,229,435		57,925,001		58,832,059

A total of 2,329,392, 3,508,865, and 1,018,900 shares under option were not included because they were anti-dilutive during the years ended December 31, 2014, 2013 and 2012, respectively.