Earnings Per Common Share

9 Months Ended

Sep. 30, 2015

11.

Earnings Per Common Share

Earnings per common share for all periods have been calculated in conformity with ASC 260, “Earnings Per Share.” This data is based on historical net income and the weighted average number of shares of our common stock outstanding during each period as set forth in the following table:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
	(In thousands)
Shares:
Weighted average number of shares of common stock outstanding		23,692		23,483		23,625		23,463
Shares assumed issued (less shares assumed purchased for treasury) for stock-based compensation		245		220		322		205

Outstanding shares for diluted earnings per share calculation		23,937		23,703		23,947		23,668

A total of approximately 1.6 million shares in the three months ended September 30, 2015 and 1.4 million shares in the nine months ended September 30, 2015 were excluded from the calculation of our diluted earnings per common share, because the effect was anti-dilutive. We excluded from the calculation of our diluted earnings per common share approximately 1.4 million shares in the three months ended September 30, 2014 and approximately 1.3 million shares in the nine months ended September 30, 2014, because the effect was anti-dilutive.