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Earnings per Share
 12 Months Ended
Dec. 31, 2016
Earnings Per Share [Abstract]  
Earnings per Share

Note 14 – Earnings per Share

A summary of the calculation of basic and diluted earnings per share (EPS) for the years ended December 31, 2016, 2015 and 2014 is as follows:

 

(In thousands, except for per share amounts)

 

2016

 

 

2015

 

 

2014

 

Numerator

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

35,229

 

 

$

18,646

 

 

$

44,620

 

Denominator

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares – basic

 

 

48,724

 

 

 

51,145

 

 

 

55,120

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

Stock options

 

 

170

 

 

 

81

 

 

 

304

 

Restricted stock and restricted stock units

 

 

55

 

 

 

41

 

 

 

58

 

Weighted average number of shares – diluted

 

$

48,949

 

 

$

51,267

 

 

$

55,482

 

Net income per share – basic

 

$

0.72

 

 

$

0.36

 

 

$

0.81

 

Net income per share – diluted

 

$

0.72

 

 

$

0.36

 

 

$

0.80

 

 

For each of the years ended December 31, 2016, 2015 and 2014, 4.6 million, 6.1 million and 4.4 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.