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Calculation of Earnings Per Share
 3 Months Ended
Mar. 31, 2014
Earnings Per Share [Abstract]  
Calculation of Earnings Per Share
Calculation of Earnings Per Share

 
 
Three Months Ended
 
 
March 31,
 
 
2014
 
2013
(in thousands, except shares and per share data)
 
 
 
 
Calculation of Basic Earnings Per Share:
 
 
 
 
Net Income
 
$
17,681

 
$
14,869

Weighted average shares outstanding
 
9,658,431

 
9,601,529

Basic Earnings Per Share
 
$
1.83

 
$
1.55

Calculation of Diluted Earnings Per Share:
 
 
 
 
Reconciliation of Numerator:
 
 
 
 
Net Income
 
$
17,681

 
$
14,869

Effect of 8.25% Convertible debentures (1)
 
—

 
11

Adjusted numerator—Diluted
 
$
17,681

 
$
14,880

Reconciliation of Denominator:
 
 
 
 
Weighted shares outstanding—Basic
 
9,658,431

 
9,601,529

Effect of dilutive securities:
 
 
 
 
Share-based Compensation
 
35,003

 
23,132

8.25% Convertible debentures (1)
 
—

 
54,289

Adjusted denominator—Diluted
 
9,693,434

 
9,678,950

Diluted Earnings Per Share
 
$
1.82

 
$
1.54


 (1) As of March 1, 2014, we no longer have any outstanding convertible debentures. See Note 14, Long-term debt for additional information.