Earnings Per Share

6 Months Ended

Jun. 30, 2017

Basic earnings per share, which excludes dilution, is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding for the period.

Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the three and six months ended June 30, 2017 and 2016, anti-dilutive shares excluded from the calculation of diluted earnings per share were nil.



	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
	(in thousands, except for per share data)
Numerator:
Net Income	$	80,433	$	79,570	$	117,345	$	131,036
Denominator:
Weighted average common stock shares outstanding - Basic	53,626		53,634		53,595		53,574
Assumed exercise of stock options and awards	288		219		353		247
Assumed conversion of convertible note premium	—		—		—		12
Weighted average common stock shares outstanding - Diluted	53,914		53,853		53,948		53,833
Net Income Per Share
Basic	$	1.50	$	1.48	$	2.19	$	2.45
Diluted	$	1.49	$	1.48	$	2.18	$	2.43

Stock Repurchase Program

In April 2017, the Company's Board of Directors approved a modification to the Company's stock repurchase program under which the Company may now repurchase up to $100 million of its outstanding common stock over a two-year period through May 2019 via the open market, established plans or privately negotiated transactions in accordance with all applicable securities laws, rules and regulations. The stock repurchase program is subject to further modification or termination at any time.

The Company spent $4.3 million to repurchase and retire approximately 83 thousand shares of the Company's common stock in open market transactions during the three months ended June 30, 2017. As of June 30, 2017, the Company had $95.7 million remaining to spend under the newly modified stock repurchase program.