Earnings per Share

9 Months Ended

Sep. 30, 2015

10. EARNINGS PER SHARE

A summary of the calculation of basic and diluted earnings per share for the three and nine months ended September 30, 2015 and 2014 is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
*(In thousands, except per share amounts)*	2015		2014		2015		2014
Numerator
Net income	$	7,067	$	11,326	$	12,928	$	35,328

Denominator
Weighted average number of shares – basic		49,862		54,521		51,682		55,552
Effect of dilutive securities
Stock options		29		266		94		402
Restricted stock and restricted stock units		36		37		16		22

Weighted average number of shares – diluted		49,927		54,824		51,792		55,976

Net income per share – basic	$	0.14	$	0.21	$	0.25	$	0.64
Net income per share – diluted	$	0.14	$	0.21	$	0.25	$	0.63

Anti-dilutive options to purchase common stock outstanding were excluded from the above calculations. Anti-dilutive options totaled 6.0 million and 4.5 million for the three months ended September 30, 2015 and 2014, respectively, and 6.1 million and 3.1 million for the nine months ended September 30, 2015 and 2014, respectively.