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Earnings Per Share
 3 Months Ended
Mar. 31, 2016
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 March 31,

 

 

 

2016

 

 

 

2015

 

 

(In thousands, except per share amounts)

 

Net income

$

28,963

 

 

$

24,593

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

36,775

 

 

 

36,706

 

Dilutive effect of stock options and restricted stock

 

896

 

 

 

920

 

Diluted weighted average shares outstanding

 

37,671

 

 

 

37,626

 

 

 

 

 

 

 

 

 

Basic earnings per share

$

0.79

 

 

$

0.67

 

Diluted earnings per share

$

0.77

 

 

$

0.65

 

Stock options and restricted stock totaling 238,224 shares and 249,846 shares for the three months ended March 31, 2016 and 2015, 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.