Earnings Per Share

12 Months Ended

Dec. 31, 2014

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Earnings Per Share

3. EARNINGS PER SHARE

Basic earnings per share are computed by dividing income available for common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share are computed by dividing income available for common stockholders by the weighted average number of shares of common stock outstanding during the period adjusted for the exercise and/or conversion of all potentially dilutive securities, such as convertible debt and share-based compensation. The calculations of both basic and diluted earnings per share are presented in the following table.

	For the Year Ended December 31,
	2014		2013		2012
(in thousands, except shares and per share data)
Calculation of Basic Earnings Per Share:
Net Income	$	36,092	$	32,787	$	28,863
Weighted average shares outstanding	14,551,308		14,430,962		14,379,216
Basic Earnings Per Share	$	2.48	$	2.27	$	2.01
Calculation of Diluted Earnings Per Share:
Reconciliation of Numerator:
Net Income	$	36,092	$	32,787	$	28,863
Effect of 8.25% Convertible debentures	—		43		53
Adjusted numerator — Diluted	$	36,092	$	32,830	$	28,916
Reconciliation of Denominator:
Weighted shares outstanding — Basic	14,551,308		14,430,962		14,379,216
Effect of dilutive securities:
Share-based Compensation	53,636		37,866		35,249
8.25% Convertible debentures (1)	—		74,618		92,796
Adjusted denominator — Diluted	14,604,944		14,543,446		14,507,261
Diluted Earnings Per Share	$	2.47	$	2.26	$	1.99

⁽¹⁾As of March 1, 2014, we no longer have any outstanding convertible debentures. See Note 12, Long-term debt for additional information.

As discussed inNote 1, Organization and Basis of Presentation, previously reported share and per share amounts have been restated in the accompanying consolidated financial statements and related notes to reflect the stock split effected in the form of a stock dividend.