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Earnings Per Share
 6 Months Ended
Jun. 30, 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 June 30,

 

 

Six Months Ended June 30,

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

 

(In thousands, except per share amounts)

 

Net income

$

38,023

 

 

$

33,126

 

 

$

80,486

 

 

$

62,089

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

36,853

 

 

 

36,876

 

 

 

36,852

 

 

 

36,826

 

Dilutive effect of stock options and restricted stock

 

1,224

 

 

 

872

 

 

 

1,243

 

 

 

884

 

Diluted weighted average shares outstanding

 

38,077

 

 

 

37,748

 

 

 

38,095

 

 

 

37,710

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

$

1.03

 

 

$

0.90

 

 

$

2.18

 

 

$

1.69

 

Diluted earnings per share

$

1.00

 

 

$

0.88

 

 

$

2.11

 

 

$

1.65

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options and restricted stock totaling 50,817 shares and 91,308 shares for the six months ended June 30, 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.