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Earnings Per Share
 9 Months Ended
Sep. 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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2015

 

 

 

2014

 

 

 

2015

 

 

 

2014

 

 

(In thousands, except per share amounts)

 

Net income

$

22,715

 

 

$

17,504

 

 

$

71,546

 

 

$

53,170

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

36,681

 

 

 

36,856

 

 

 

36,695

 

 

 

36,997

 

Dilutive effect of stock options and restricted stock

 

962

 

 

 

949

 

 

 

941

 

 

 

950

 

Diluted weighted average shares outstanding

 

37,643

 

 

 

37,805

 

 

 

37,636

 

 

 

37,947

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

$

0.62

 

 

$

0.47

 

 

$

1.95

 

 

$

1.44

 

Diluted earnings per share

$

0.60

 

 

$

0.46

 

 

$

1.90

 

 

$

1.40

 

Stock options and restricted stock totaling 130,112 shares and 30,036 shares for the three months ended September 30, 2015 and 2014, respectively, and 170,429 and 87,900 shares for the nine months ended September 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.