Earnings Per Share

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share

9. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per common share:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
	(In thousands, except per share amounts)
Net income from continuing operations	$	18,259		$	13,708		$	53,093		$	40,857
Net (loss) from discontinued operations		(46	)		(226	)		(210	)		(1,253	)
Net income	$	18,213		$	13,482		$	52,883		$	39,604
Common stock—voting		36,919			36,500			36,854			35,968
Common stock—non-voting		—			—			—			553
Basic weighted average shares outstanding		36,919			36,500			36,854			36,521
Basic earnings per common share
Income from continuing operations	$	0.49		$	0.38		$	1.44		$	1.12
(Loss) from discontinued operations		—			(0.01	)		(0.01	)		(0.04	)
Basic earnings per share	$	0.49		$	0.37		$	1.43		$	1.08
Weighted average shares outstanding		36,919			36,500			36,854			36,521
Dilutive effect of stock options and restricted stock		1,046			1,041			966			1,371
Diluted weighted average shares outstanding		37,965			37,541			37,820			37,892
Diluted earnings per common share
Income from continuing operations	$	0.48		$	0.37		$	1.41		$	1.08
(Loss) from discontinued operations		—			(0.01	)	$	(0.01	)		(0.03	)
Diluted earnings per share	$	0.48		$	0.36		$	1.40		$	1.05

Stock options and restricted stock totaling 88,138 shares and 29,352 for the three months ended September 30, 2013 and 2012, respectively, and 213,729 shares and 110,697 shares for the nine months ended September 30, 2013 and 2012, respectively, were excluded from the computation of diluted earnings per share because their effect would have been antidilutive. The computation of diluted shares can vary among periods due, in part, to the change in the average price of the Company’s common stock.