Earnings per Share

12 Months Ended

Dec. 31, 2015

Basic earnings per share is computed by dividing net income, after the deduction of preferred stock dividends and undistributed earnings allocated to participating securities, by the weighted average number of common shares outstanding during the period. Diluted earnings per share assumes the issuance of common stock for all potentially dilutive share equivalents outstanding not classified as participating securities. Participating securities are defined as unvested stock-based payment awards that contain nonforfeitable rights to dividends.



(In thousands, except per share amounts)	2015			2014			2013
Net income attributable to continuing operations	$	69,590		$	87,447		$	85,858
Preferred stock dividends	(41		)	(41		)	(41		)
Income from continuing operations available to common equity	69,549			87,406			85,817
Dividends and undistributed earnings allocated to participating securities	(192		)	(546		)	(643		)
Income from continuing operations available to common shareholders	69,357			86,860			85,174

Net income attributable to discontinued operations	$	1,217		$	1,059		$	2,389
Preferred stock dividends	(1		)	(1		)	(1		)
Income from discontinued operations available to common equity	1,216			1,058			2,388
Dividends and undistributed earnings allocated to participating securities	(3		)	(7		)	(18		)
Income from discontinued operations available to common shareholders	1,213			1,051			2,370

Basic weighted-average shares outstanding	37,293			37,138			36,868
Stock options and other stock compensation	417			590			582
Diluted weighted-average shares outstanding	37,710			37,728			37,450
Antidilutive stock options	658			—			15

Earnings per share attributable to continuing operations:
Basic	$1.86			$2.34			$2.31
Diluted	$1.84			$2.30			$2.28

Earnings per share attributable to discontinued operations:
Basic	$0.03			$0.03			$0.06
Diluted	$0.03			$0.03			$0.06