Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2015

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Calculations of Basic and Diluted Earnings Per Share

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.