Earnings Per Share

6 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Earnings Per Share

4.  Earnings per Share

Earnings per share (“EPS”) are computed using the weighted average number of shares of capital stock outstanding.  Earnings and diluted earnings per share are computed as follows (in thousands, except per share data):

			Net Income
For the Three Months Ended June 30,		Income		Shares	Earnings per Share
2014
	Earnings	$	24,363	17,236	$	1.41
	Dilutive stock options		-	376
	Nonvested stock awards		-	147
	Conversion of Notes		-	121
	Diluted earnings	$	24,363	17,880	$	1.36
2013
	Earnings	$	14,608	18,606	$	0.79
	Dilutive stock options		-	267
	Nonvested stock awards		-	93
	Diluted earnings	$	14,608	18,966	$	0.77

			Net Income
For the Six Months Ended June 30,		Income		Shares	Earnings per Share
2014
	Earnings	$	44,937	17,374	$	2.59
	Dilutive stock options		-	374
	Nonvested stock awards		-	147
	Conversion of Notes		-	202
	Diluted earnings	$	44,937	18,097	$	2.48
2013
	Earnings	$	36,886	18,564	$	1.99
	Dilutive stock options		-	316
	Nonvested stock awards		-	100
	Diluted earnings	$	36,886	18,980	$	1.94

For the three and six-month periods ended June 30, 2014, no stock options were excluded from the computation of diluted earnings per share because they would have been anti-dilutive. For the three and six-month periods ended June 30, 2013, 31,000  stock options were excluded from the computation of diluted earnings per share.

Diluted earnings per share was impacted by the issuance of 249,000 shares of capital stock under the conversion feature of our 1.875% Senior Convertible Notes (the “Notes”) on May 15, 2014.  Assuming these shares were issued April 1, 2014 increases average diluted shares outstanding for the second quarter of 2014 by 121,000 shares.  Similarly, the dilutive impact of this conversion feature for the first six months of 2014 was 202,000 shares.