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Earnings Per Share
 3 Months Ended
Mar. 31, 2017
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,

 

 

 

2017

 

 

 

2016

 

 

(In thousands, except per share amounts)

 

Net income

$

42,463

 

 

$

28,963

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

36,850

 

 

 

36,775

 

Dilutive effect of stock options and restricted stock

 

1,262

 

 

 

896

 

Diluted weighted average shares outstanding

 

38,112

 

 

 

37,671

 

 

 

 

 

 

 

 

 

Basic earnings per share

$

1.15

 

 

$

0.79

 

Diluted earnings per share

$

1.11

 

 

$

0.77

 

Stock options and restricted stock totaling 59,910 shares and 238,224 shares for the three months ended March 31, 2017 and 2016, 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.