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Earnings Per Share
 6 Months Ended
Jun. 30, 2015
Earnings Per Share [Abstract]  
Earnings Per Share

8. Earnings Per Share

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

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2015

 

 

 

2014

 

 

 

2015

 

 

 

2014

 

 

(In thousands, except per share amounts)

 

Net income

$

24,238

 

 

$

18,191

 

 

$

48,831

 

 

$

35,666

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

36,699

 

 

 

37,015

 

 

 

36,703

 

 

 

37,068

 

Dilutive effect of stock options and restricted stock

 

943

 

 

 

927

 

 

 

931

 

 

 

951

 

Diluted weighted average shares outstanding

 

37,642

 

 

 

37,942

 

 

 

37,634

 

 

 

38,019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

$

0.66

 

 

$

0.49

 

 

$

1.33

 

 

$

0.96

 

Diluted earnings per share

$

0.64

 

 

$

0.48

 

 

$

1.30

 

 

$

0.94

 

Stock options and restricted stock totaling 131,329 shares and 51,273 shares for the three months ended June 30, 2015 and 2014, respectively, and 190,588 and 116,832 shares for the six months ended June 30, 2015 and 2014, 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.