XML 40 R21.htm IDEA: XBRL DOCUMENT v3.3.1.900
Earnings per Share
12 Months Ended
Dec. 31, 2015
Earnings Per Share [Abstract]  
Earnings per Share

Note 13 – Earnings per Share

A summary of the calculation of basic and diluted earnings per share (EPS) for the years ended December 31, 2015, 2014 and 2013 is as follows:

 

(In thousands, except for per share amounts)    2015      2014      2013  
Numerator                     

Net Income

   $ 18,646       $ 44,620       $ 45,794   
  

 

 

    

 

 

    

 

 

 

Denominator

        

Weighted average number of shares – basic

     51,145         55,120         59,001   

Effect of dilutive securities:

        

Stock options

     81         304         390   

Restricted stock and restricted stock units

     41         58         33   
  

 

 

    

 

 

    

 

 

 

Weighted average number of shares – diluted

     51,267         55,482         59,424   
  

 

 

    

 

 

    

 

 

 

Net income per share – basic

   $ 0.36       $ 0.81       $ 0.78   

Net income per share – diluted

   $ 0.36       $ 0.80       $ 0.77   

For each of the years ended December 31, 2015, 2014 and 2013, 6.1 million, 4.4 million and 3.2 million stock options were outstanding but were not included in the computation of that year’s diluted EPS because the options’ exercise prices were greater than the average market price of the common shares, therefore making them anti-dilutive under the treasury stock method.