Earnings Per Common Share

12 Months Ended

Dec. 31, 2015

EARNINGS PER COMMON SHARE

Basic earnings per common share for the Corporation is computed by dividing net income by the weighted average number of common shares outstanding during the period. Basic earnings per common share excludes any dilutive effect of common stock equivalents.

Diluted earnings per common share for the Corporation is computed by dividing net income by the sum of the weighted average number of common shares outstanding and the dilutive effect of common stock equivalents using the treasury stock method. Average shares of common stock for diluted net income per common share include shares to be issued upon the exercise of stock options granted under the Corporation's share-based compensation plans, restricted stock units that may be converted to stock, stock to be issued under the deferred stock compensation plan for non-employee directors and stock to be issued under the stock purchase plan for non-employee community advisory directors. For any period in which a net loss is recorded, the assumed exercise of stock options, restricted stock units that may be converted to stock and stock to be issued under the deferred stock compensation plan and the stock purchase plan would have an anti-dilutive impact on the net income per common share and thus would be excluded in the diluted earnings per common share calculation.

The following summarizes the numerator and denominator of the basic and diluted earnings per common share computations:



	Years Ended December 31,
	2015		2014		2013
	(In thousands, except per share data)
Numerator for both basic and diluted earnings per common share, net income	$	86,830	$	62,121	$	56,808
Denominator for basic earnings per common share, weighted average common shares outstanding	36,081		31,367		28,183
Weighted average common stock equivalents	272		221		169
Denominator for diluted earnings per common share	36,353		31,588		28,352
Net income per common share:
Basic	$	2.41	$	1.98	$	2.02
Diluted	2.39		1.97		2.00

The average number of exercisable employee stock option awards outstanding that were "out-of-the-money," whereby the option exercise price per share exceeded the market price per share and, therefore, were not included in the computation of diluted earnings per common share because they would have been anti-dilutive, totaled 54,771 for the year ended December 31, 2015, 240,165 for the year ended December 31, 2014 and 356,328 for the year ended December 31, 2013.