Earnings Per Share

6 Months Ended

Jun. 30, 2016

NOTE 10—EARNINGS PER SHARE

The following weighted average shares and share equivalents are used to calculate basic and diluted earnings per share for the three and six months ended June 30, 2016 and 2015:


	For the three months ended		For the six months ended
	June 30,		June 30,
(in thousands)	2016	2015	2016	2015
Weighted average number of shares outstanding used to calculate basic earnings per share	29,388	29,057	29,438	30,279

Dilutive securities
Unvested restricted shares	963	968	1,002	913
Stock options	276	214	274	152
Weighted average number of shares and share equivalents outstanding used to calculate diluted earnings per share	30,627	30,239	30,714	31,344

The assumed proceeds used for calculating the dilutive impact of restricted stock awards under the treasury method includes the unrecognized compensation costs 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 three months ended		For the six months ended
	June 30,		June 30,
(in thousands)	2016	2015	2016	2015
Average options	207	—	155	189
Average restricted shares	211	—	213	2