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Computation of Earnings Per Share
 9 Months Ended
Sep. 30, 2015
Earnings Per Share [Abstract]  
Computation of Earnings Per Share

(2) Computation of Earnings Per Share

The calculation of basic earnings per common share and diluted earnings per common share was as follows (in thousands, except per share amounts):

 

 

 

Third Quarter

 

 

Nine Months

 

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

11,777

 

 

$

16,278

 

 

$

43,629

 

 

$

38,422

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator for basic  earnings per share–weighted

     average common shares

 

 

24,963

 

 

 

24,527

 

 

 

24,901

 

 

 

24,465

 

Effect of dilutive stock options

 

 

87

 

 

 

242

 

 

 

113

 

 

 

240

 

Effect of other common stock equivalents

 

 

505

 

 

 

736

 

 

 

511

 

 

 

731

 

Denominator for diluted earnings per share–adjusted

     weighted average common shares

 

 

25,555

 

 

 

25,505

 

 

 

25,525

 

 

 

25,436

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Share

 

$

0.47

 

 

$

0.66

 

 

$

1.75

 

 

$

1.57

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Earnings Per Share

 

$

0.46

 

 

$

0.64

 

 

$

1.71

 

 

$

1.51

 

 

For the quarter and nine months ended September 30, 2015, options to purchase 125,536 and 111,320 shares, respectively, of common stock of the Company were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive.  For the quarter and nine months ended September 30, 2014, options to purchase 87 and 98,385 shares, respectively, of common stock of the Company were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive.