Basis of Presentation (Tables)

9 Months Ended

Sep. 30, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Reconciliation of basic earnings per share ("EPS") to diluted EPS

The following is a reconciliation of basic earnings per common share to diluted earnings per share:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share amounts)	2014		2013		2014		2013
Net income available to common stockholders	$	20,614	$	20,006	$	53,151	$	43,303
Basic weighted-average shares outstanding	49,010		48,377		48,972		48,482
Dilutive effect of potential common stock equivalents — stock options and restricted stock units	217		174		200		121
Diluted weighted-average shares outstanding	49,227		48,551		49,172		48,603
Earnings per common share:
Basic	$	0.42	$	0.41	$	1.09	$	0.89
Diluted	$	0.42	$	0.41	$	1.08	$	0.89
Potentially dilutive securities excluded from earnings per diluted share because their effect is anti-dilutive	—		—		—		—

Stock option and restricted stock unit activity of the entity

The following table represents the Company’s stock option and restricted stock unit activity for the three and nine months ended September 30,2014 and 2013:

	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands)	2014			2013			2014			2013
Stock-based compensation expense recognized in operating expenses	$	3,041		$	2,959		$	8,781		$	8,644
Less: Tax benefit of stock-based compensation expense in provision for income taxes	1,075			1,087			3,142			3,031
Stock-based compensation expense, net of tax	$	1,966		$	1,872		$	5,639		$	5,613
Fair value of shares vested	$	3,098		$	3,007		$	8,789		$	8,656
Proceeds to the Company from the exercise of stock-based compensation	$	1,551		$	4,557		$	4,178		$	5,333
Tax effect from the exercise of stock-based compensation, including shortfall tax benefits	$	(89	)	$	(337	)	$	(275	)	$	(2,187	)

	At September 30,
(in thousands)	2014		2013
Stock-based compensation cost capitalized in inventory	$	525	$	426

Summary of financial instruments

The balances of the Company’s primary financial instruments were as follows:

	At September 30,				At December 31
(in thousands)	2014		2013		2013
Financial instruments	$	98,568	$	87,381	$	117,571

Schedule of effective tax rates and income tax expense

The following table presents the Company’s effective tax rates and income tax expense for the three and nine months ended September 30,2014 and 2013:

	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands, except percentages)	2014			2013			2014			2013
Effective tax rate	36.0		%	35.2		%	36.7		%	37.8		%
Provision for income taxes	$	11,577		$	10,870		$	30,849		$	26,304