Earnings Per Share

12 Months Ended

Dec. 31, 2015

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,
	2015		2014		2013
(in thousands, except shares and per share data)
Calculation of Basic Earnings Per Share:
Net Income	$	41,140	$	36,092	$	32,787
Weighted average shares outstanding	15,094,423		14,551,308		14,430,962
Basic Earnings Per Share	$	2.73	$	2.48	$	2.27
Calculation of Diluted Earnings Per Share:
Reconciliation of Numerator:
Net Income	$	41,140	$	36,092	$	32,787
Effect of 8.25% Convertible debentures	—		—		43
Adjusted numerator — Diluted	$	41,140	$	36,092	$	32,830
Reconciliation of Denominator:
Weighted shares outstanding — Basic	15,094,423		14,551,308		14,430,962
Effect of dilutive securities:
Share-based Compensation	48,950		53,636		37,866
8.25% Convertible debentures ⁽¹⁾	—		—		74,618
Adjusted denominator — Diluted	15,143,373		14,604,944		14,543,446
Diluted Earnings Per Share	$	2.72	$	2.47	$	2.26

⁽¹⁾ As of March 1, 2014, we no longer have any outstanding convertible debentures.

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 in September 2014.