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Computation of Earnings Per Share
 9 Months Ended
Sep. 30, 2016
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

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

13,826

 

 

$

11,777

 

 

$

37,676

 

 

$

43,629

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator for basic  earnings per share–weighted

     average common shares

 

 

25,038

 

 

 

24,963

 

 

 

25,022

 

 

 

24,901

 

Effect of dilutive stock options

 

 

52

 

 

 

87

 

 

 

46

 

 

 

113

 

Effect of other common stock equivalents

 

 

568

 

 

 

505

 

 

 

557

 

 

 

511

 

Denominator for diluted earnings per share–adjusted

     weighted average common shares

 

 

25,658

 

 

 

25,555

 

 

 

25,625

 

 

 

25,525

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Share

 

$

0.55

 

 

$

0.47

 

 

$

1.51

 

 

$

1.75

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Earnings Per Share

 

$

0.54

 

 

$

0.46

 

 

$

1.47

 

 

$

1.71

 

 

For the quarter and nine months ended  September 30, 2016, options and restricted stock for 402,770 and 516,312 shares of common stock, respectively, 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, 2015, options and restricted stock for 125,536 and 111,320 shares of common stock, respectively, were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive.