Earnings Per Common Share

6 Months Ended

Jun. 30, 2015

Earnings Per Share [Abstract]

Earnings Per Common Share

Earnings Per Common Share

Basic net earnings per share are computed using the weighted-average number of common shares outstanding. The dilutive effect of potential common shares outstanding is included in diluted net earnings per share. The computations of basic net earnings per share and diluted net earnings per share are as follows:

	Three Months Ended June 30, 2015
	Income (Numerator)		Shares (Denominator)	Per-share Amount
Net income	$	16,288,000
Basic earnings per common share	$	16,288,000	71,657,000	$	0.23
Effect of dilutive securities:
Stock options and restricted stock			629,000	—
Diluted earnings per common share	$	16,288,000	72,286,000	$	0.23
	Three Months Ended June 30, 2014
	Income (Numerator)		Shares (Denominator)	Per-share Amount
Net income	$	13,921,000
Basic earnings per common share	$	13,921,000	70,440,000	$	0.20
Effect of dilutive securities:
Stock options and restricted stock			766,000	—
Diluted earnings per common share	$	13,921,000	71,206,000	$	0.20

	Six Months Ended June 30, 2015
	Income (Numerator)		Shares (Denominator)	Per-share Amount
Net income	$	31,804,000
Basic earnings per common share	$	31,804,000	71,563,000	$	0.44
Effect of dilutive securities:
Stock options and restricted stock			660,000	—
Diluted earnings per common share	$	31,804,000	72,223,000	$	0.44
	Six Months Ended June 30, 2014
	Income (Numerator)		Shares (Denominator)	Per-share Amount
Net income	$	28,560,000
Basic earnings per common share	$	28,560,000	70,381,000	$	0.41
Effect of dilutive securities:
Stock options and restricted stock			759,000	(0.01		)
Diluted earnings per common share	$	28,560,000	71,140,000	$	0.40

Stock awards to purchase 1,015,000 and 1,014,000 shares of common stock having average exercise price of $29.25 and $29.23 per common share, respectively, were outstanding during the three and six months ended June 30, 2015 but not included in the computation of diluted earnings per common share because the exercise prices of the options were greater than the average market price of the common shares, and therefore, would be antidilutive.

Stock awards to purchase 578,000 and 785,000 shares of common stock having average exercise prices of $27.56 and $26.49 per common share, respectively, were outstanding during the three and six months ended June 30, 2014 but not included in the computation of diluted earnings per common share because the exercise prices of the options were greater than the average market price of the common shares, and therefore, would be antidilutive.