Computation of Earnings Per Share

3 Months Ended

Mar. 31, 2016

(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):

	First Quarter
	2016		2015
Numerator:
Net income	$	10,575	$	12,605
Denominator:
Denominator for basic earnings per share–weighted average common shares		24,998		24,803
Effect of dilutive stock options		48		155
Effect of other common stock equivalents		399		555
Denominator for diluted earnings per share–adjusted weighted average common shares		25,445		25,513

Basic Earnings Per Share	$	0.42	$	0.51

Diluted Earnings Per Share	$	0.42	$	0.49

For the quarters ended March 31, 2016 and 2015, options and restricted stock for 554,672 and 117,600 shares, respectively, of common stock of the Company were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive.