Earnings per Share

12 Months Ended

Dec. 31, 2015

Earnings Per Share, Basic, Other Disclosures [Abstract]

EARNINGS PER SHARE

The following table reconciles the number of shares used in calculating the basic and diluted earnings per share for the years ended December 31:



(Dollars in thousands, except per share amounts)	2015		2014		2013
Net income	$	31,714	$	89,910	$	70,581

Basic weighted-average shares outstanding	40,842,126		40,748,924		40,502,878
Incremental shares due to:
Performance shares	122,334		117,830		133,766
Restricted stock units	23,359		27,628		69,076
Stock options	—		—		3,567
Diluted weighted-average shares outstanding	40,987,819		40,894,382		40,709,287

Basic net income per share	$	0.78	$	2.21	$	1.74
Diluted net income per share	$	0.77	$	2.20	$	1.73

For stock-based awards, the dilutive effect is calculated using the treasury stock method. Under this method, the dilutive effect is computed as if the awards were exercised at the beginning of the period (or at time of issuance, if later) and assumes the related proceeds were used to repurchase common stock at the average market price during the period. Related proceeds include the amount the employee must pay upon exercise, future compensation cost associated with the stock award and the amount of excess tax benefits, if any.

At December 31, 2015, there were no anti-dilutive stock-based awards. At December 31, 2014 and 2013, there were 1,216 and 3,441 stock-based awards, respectively, excluded from the calculation of diluted earnings per share because they were anti-dilutive.