Earnings Per Share

6 Months Ended

Jun. 30, 2016

The computations of basic and diluted earnings per share are noted below. Basic earnings per share is computed by dividing the net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts were exercised or converted into common stock. RSAs are included in the weighted average common shares outstanding because the shares have all the same voting and dividend rights as issued and unrestricted common stock. RSUs are not included in diluted shares for financial reporting until authorized by the Compensation & Organization Committee of the Board of Directors.

There were no shares of Stock Appreciation Rights (SARs) outstanding as of June 30, 2016, and a total of 65,436 shares of SARs were vested and outstanding as of June 30, 2015. All the SARs were dilutive when they were outstanding during the period, as shown in the tables below.



	Three Months Ended June 30
	2016		2015
	(In thousands, except per share data)
Net income available to common stockholders	$	11,508	$	9,845
Weighted average common shares outstanding, basic	47,972		47,880
Dilutive SARs (treasury method)	—		12
Weighted average common shares outstanding, dilutive	47,972		47,892
Earnings per share - basic	$	0.24	$	0.21
Earnings per share - diluted	$	0.24	$	0.21



	Six Months Ended June 30
	2016		2015
	(In thousands, except per share data)
Net income available to common stockholders	$	10,710	$	11,420
Weighted average common shares outstanding, basic	47,938		47,853
Dilutive SARs (treasury method)	5		20
Weighted average common shares outstanding, dilutive	47,943		47,873
Earnings per share - basic	$	0.22	$	0.24
Earnings per share - diluted	$	0.22	$	0.24