Calculation of Earnings Per Share

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Calculation of Earnings Per Share

Calculation of Earnings Per Share

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2014		2013		2014		2013
(in thousands, except shares and per share data)
Calculation of Basic Earnings Per Share:
Net Income	$	3,180	$	3,879	$	25,995	$	23,104
Weighted average shares outstanding	14,574,678		14,438,152		14,539,841		14,424,404
Basic Earnings Per Share	$	0.22	$	0.27	$	1.79	$	1.60
Calculation of Diluted Earnings Per Share:
Reconciliation of Numerator:
Net Income	$	3,180	$	3,879	$	25,995	$	23,104
Effect of 8.25% Convertible debentures (1)	—		11		—		33
Adjusted numerator—Diluted	$	3,180	$	3,890	$	25,995	$	23,137
Reconciliation of Denominator:
Weighted shares outstanding—Basic	14,574,678		14,438,152		14,539,841		14,424,404
Effect of dilutive securities:
Share-based Compensation	41,987		39,185		48,289		35,832
8.25% Convertible debentures (1)	—		76,164		—		78,231
Adjusted denominator—Diluted	14,616,665		14,553,501		14,588,130		14,538,467
Diluted Earnings Per Share	$	0.22	$	0.27	$	1.78	$	1.59

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

As discussed in Note 1, Summary of Accounting Policies, previously reported share and per share amounts have been restated in the accompanying condensed consolidated financial statements and related notes to reflect the stock split effected in the form of a stock dividend.