Earnings Per Share

12 Months Ended

Dec. 31, 2015

Note 21. Earnings Per Share

Basic earnings per share is based on the weighted average number of common shares outstanding during the periods. Diluted earnings per share includes the weighted average number of common shares outstanding during the respective periods and the further dilutive effect, if any, from stock appreciation rights, restricted stock, restricted stock units and shares held in a rabbi trust using the treasury stock method.

The numbers of shares used in the earnings per share computation are as follows (in thousands):


	Years Ended December 31,
	2015		2014		2013
Basic:
Weighted average common shares outstanding		41,899		42,609		42,877
Diluted:
Dilutive effect of stock appreciation rights, restricted stock, restricted stock units and shares held in a rabbi trust		548		205		48

Total weighted average diluted shares outstanding		42,447		42,814		42,925

Anti-dilutive shares excluded from the diluted earnings per share calculation		20		37		42

On August 18, 2011, the Company’s Board of Directors (the “Board”) authorized the Company to purchase up to 5.0 million shares of its outstanding common stock (the “2011 Share Repurchase Program”). A total of 4.9 million shares have been repurchased under the 2011 Share Repurchase Program since inception. The shares are purchased, from time to time, through open market purchases or in negotiated private transactions, and the purchases are based on factors, including but not limited to, the stock price, management discretion and general market conditions. The 2011 Share Repurchase Program has no expiration date.

The shares repurchased under the Company’s share repurchase programs were as follows (in thousands, except per share amounts):


	Total Number						Total Cost of
	of Shares		Range of Prices Paid Per Share				Shares
For the Years Ended	Repurchased		Low		High		Repurchased
December 31, 2015		860	$	22.81	$	25.00	$	20,879
December 31, 2014		630	$	19.80	$	20.00	$	12,581
December 31, 2013		341	$	15.61	$	16.99	$	5,479