Earnings Per Share

9 Months Ended

Sep. 30, 2015

Basic earnings per share excludes dilution and is computed by dividing net income by the weighted average number of common shares outstanding for the period, excluding unvested restricted common stock. Diluted earnings per share reflects the potential reduction in earnings per share that could occur if securities or other contracts to issue common stock were exercised or converted into common stock under the treasury stock method. Such securities or other contracts include unvested restricted stock awards, outstanding common stock options, convertible senior notes, and outstanding warrants, to the extent dilutive. Earnings per share under the basic and diluted computations are as follows:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
Net income	$	19,374	$	12,219	$	39,709	$	66,258
Weighted average common shares outstanding – basic	22,107		22,488		22,151		22,573
Weighted average common stock equivalents	485		487		465		479
Weighted average common shares outstanding – diluted	22,592		22,975		22,616		23,052
Earnings per share:
Basic	$	0.88	$	0.54	$	1.79	$	2.94
Diluted	$	0.86	$	0.53	$	1.76	$	2.87

The number of anti-dilutive securities excluded from the computation of the weighted average common stock equivalents presented above is shown in the following table.



	As of September 30,
	2015	2014
Unvested restricted stock awards	—	14
Convertible senior notes	3,129	3,129
Warrants related to the issuance of convertible senior notes	3,129	3,129
Total anti-dilutive securities	6,258	6,272

See Note 7 “Financing Arrangements” for further information on the convertible senior notes and warrants related to the issuance of convertible notes.

In October 2014, our board of directors authorized a share repurchase program pursuant to which we may, from time to time, repurchase up to $50 million of our common stock through October 31, 2015 (the “October 2014 Share Repurchase Program”). In October 2015, our board of directors authorized an extension of the October 2014 Share Repurchase Program through October 31, 2016. The amount and timing of the repurchases will be determined by management and will depend on a variety of factors, including the trading price of our common stock, general market and business conditions, and applicable legal requirements. In the second quarter of 2015, 217,279 shares were repurchased and retired for $13.5 million under the October 2014 Share Repurchase Program. No shares were repurchased in the first or third quarter of 2015.