Earnings Per Share

12 Months Ended

Dec. 31, 2015

NOTE 13—EARNINGS PER SHARE

The following weighted average shares and share equivalents are used to calculate basic and diluted earnings per share for years ended December 31, 2015, 2014, and 2013:


	For the year ended December 31,
(in thousands)	2015	2014	2013
Weighted average number of shares outstanding used to calculate basic earnings per share	29,754	32,210	33,764

Dilutive securities
Unvested restricted shares	952	—	—
Stock options	243	414	572
Weighted average number of shares and share equivalents outstanding used to calculate diluted earnings per share	30,949	32,624	34,336

The assumed proceeds used for calculating the dilutive impact of restricted stock awards under the treasury method includes the unrecognized compensation costs and excess tax benefits associated with the awards. The following table presents any average outstanding options to purchase shares of common stock and average restricted shares that were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive (the exercise price of the options or the grant date market price of the restricted shares was greater than the average market price of the Company’s shares during the periods presented).


	For the year ended December 31,
(in thousands)	2015	2014	2013
Average options	—	611	82
Average restricted shares	14	—	—

Under the 2015 Equity Incentive Plan, subject to the Company’s approval, grantees have the option of electing to satisfy tax withholding obligations at the time of vesting or exercise by allowing the Company to withhold and purchase the shares of stock otherwise issuable to the grantee. For the years ended December 31, 2015, 2014, and 2013, the Company repurchased and retired 0.2 million, 0.1 million, and 0.2 million restricted shares at a weighted average market price of $20.11, $15.53, and $17.64, upon grantee vesting, respectively.

In the first quarter of 2014, the Company repurchased 2.5 million shares of the Company’s common stock from one of its largest stockholders at a price of $14.50 per share, which was below the quoted price at the time, and immediately retired the shares, reducing stockholders’ equity by approximately $35.5 million.

In the first quarter of 2015, the Company repurchased 3.0 million shares of its common stock at a price of $15.60 per share, which was below the quoted price at the time, and immediately retired the shares, reducing stockholders’ equity by $46.8 million.

During the first quarter of 2016, the Company’s Board of Directors authorized the Company to repurchase up to $75.0 million of its common stock over the next 12 months.