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Earnings Per Share
 9 Months Ended
Sep. 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 September 30,

 

 

Nine Months Ended September 30,

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

 

(In thousands, except per share amounts)

 

Net income

$

34,130

 

 

$

30,918

 

 

$

114,616

 

 

$

93,007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

36,865

 

 

 

36,889

 

 

 

36,856

 

 

 

36,847

 

Dilutive effect of stock options and restricted stock

 

1,154

 

 

 

903

 

 

 

1,213

 

 

 

891

 

Diluted weighted average shares outstanding

 

38,019

 

 

 

37,792

 

 

 

38,069

 

 

 

37,738

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

$

0.93

 

 

$

0.84

 

 

$

3.11

 

 

$

2.52

 

Diluted earnings per share

$

0.90

 

 

$

0.82

 

 

$

3.01

 

 

$

2.46

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options and restricted stock totaling 10,729 shares and 6,480 shares for the three months ended September 30, 2017 and 2016, respectively, and 40,485 shares and 112,004 shares for the nine months ended September 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.