Stockholders' Equity

9 Months Ended

Sep. 30, 2015

Stockholders' Equity

Stockholders' Equity

8. Stockholders' Equity

Earnings Per Share

        Basic earnings per share ("EPS") is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted EPS is computed considering the dilutive effect of stock options, contingently issuable restricted stock and restricted stock units.

        There were no anti-dilutive stock options for the three and nine months ended September 30, 2015, respectively. There were approximately 0.2 million anti-dilutive stock options excluded from the calculation of diluted EPS for the three and nine months ended September 30, 2014.

        The following table reconciles the number of shares outstanding with the number of shares used in computing basic and diluted earnings per share for each of the periods presented (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015			2014
Common shares outstanding, end of period		37,486		37,373		37,486			37,373
Effect of using weighted average common shares outstanding		66		264		(55	)		269
Shares used in computing earnings per share—basic		37,552		37,637		37,431			37,642
Effect of shares issuable under stock option plans based on the treasury stock method		277		129		266			153
Effect of restricted shares		178		158		147			122
Shares used in computing earnings per share—diluted		38,007		37,924		37,844			37,917

Share Repurchase Program

        On March 29, 2007, our Board of Directors (the "Board") approved a stock repurchase program to acquire up to 1.0 million shares of our outstanding common stock. Subsequently, the Board has from time to time approved extensions of the program to acquire additional shares. Since the inception of the repurchase program, the Board has approved 7.6 million shares to be repurchased. Since the inception of the program in 2007 through September 30, 2015, we have repurchased a cumulative total of 6.8 million shares at an average price of $11.70 per share.

        The share repurchases will be made from time to time at our discretion in the open market or privately negotiated transactions as permitted by securities laws and other legal requirements, and subject to market conditions and other factors. The Board may modify, suspend, extend or terminate the program at any time. During the nine months ended September 30, 2015, we repurchased 0.2 million shares for approximately $4.9 million at an average price of $25.17 per share.