Earnings per Share

12 Months Ended

Dec. 31, 2016

Earnings Per Share Basic Other Disclosures [Abstract]

Earnings per Share

NOTE 2.  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)	2016		2015		2014
Net income	$	10,938	$	31,714	$	89,910
Basic weighted-average shares outstanding		40,797,806		40,842,126		40,748,924
Incremental shares due to:
Performance shares		200,164		122,334		117,830
Restricted stock units		35,470		23,359		27,628
Diluted weighted-average shares outstanding		41,033,440		40,987,819		40,894,382
Basic net income per share	$	0.27	$	0.78	$	2.21
Diluted net income per share	$	0.27	$	0.77	$	2.20

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, 2016 and 2014, there were 503 and 1,216 stock-based awards, respectively, which were excluded from the calculation of earnings per share because they were anti-dilutive. At December 31, 2015, there were no anti-dilutive stock-based awards.

On April 26, 2016, we announced that our board of directors had authorized management to repurchase up to $60 million of common stock over a period of 24 months (the “Repurchase Plan”).  We repurchased 169,625 shares of common stock during the second quarter of 2016 at an average price of $35.08 per share.  We retire shares upon repurchase.  Any excess repurchase price over par is recorded in accumulated deficit.