Earnings Per Common Share ("EPS")

6 Months Ended

Jun. 30, 2015

4.	Earnings Per Common Share (“EPS”)

Basic EPS is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding. Diluted EPS is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding after consideration of the dilutive effect, if any, of outstanding common stock options using the treasury stock method. No options to purchase shares of common stock for the three months ended June 30, 2015 and 2014 or the six months ended June 30, 2014 were excluded from the diluted EPS calculations as all options were dilutive. Options to purchase 531,500 shares of the Company’s common stock at a weighted-average exercise price of $40.34 were outstanding but not included in the computation of diluted EPS for the six months ended June 30, 2015 because the options exercise price was greater than the average market price of the common shares and inclusion would have been antidilutive.

The following table presents the computation of basic and diluted EPS for the periods indicated.


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2015		2014		2015		2014
	(In thousands, except per share amounts)
Numerator:
Distributed earnings allocated to common stockholders	$	11,713	$	8,497	$	22,126	$	16,606
Undistributed earnings allocated to common stockholders		33,063		17,989		62,544		35,156

Net income available to common stockholders	$	44,776	$	26,486	$	84,670	$	51,762


Denominator:
Denominator for basic EPS – weighted-average common shares		86,786		76,743		85,251		75,281
Effect of dilutive securities – stock options		729		723		750		700

Denominator for diluted EPS – weighted-average common shares and assumed conversions		87,515		77,466		86,001		75,981

Basic EPS	$	0.52	$	0.35	$	0.99	$	0.69

Diluted EPS	$	0.51	$	0.34	$	0.98	$	0.68