Stockholders' Equity

6 Months Ended

Jun. 30, 2016

Stockholders' Equity Note [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

The following table summarizes information about shares of the Company’s common stock at:

	June 30,		December 31,
(In thousands)	2016	2015	2015
Common stock authorized	75,000	75,000	75,000
Common stock issued	27,271	26,826	27,039
Treasury stock	2,684	2,684	2,684

The following reconciliation details the denominator used in the computation of basic and diluted earnings per share:

	Six Months Ended   June 30,		Three Months Ended   June 30,
(In thousands)	2016	2015	2016	2015
Weighted average shares outstanding for basic earnings per share	24,542	24,247	24,662	24,279
Common stock equivalents pertaining to stock options and deferred stock units	280	331	254	336
Weighted average shares outstanding for diluted earnings per share	24,822	24,578	24,916	24,615

The weighted average diluted shares outstanding for the six months ended June 30, 2016 and 2015 exclude the effect of 243,197 and 308,634 shares of common stock, respectively, subject to stock-based performance awards. The weighted average diluted shares outstanding for the three months ended June 30, 2016 and 2015 exclude the effect of 244,219 and 313,944 shares of common stock, respectively, subject to stock-based performance awards. Such shares were excluded from total diluted shares because they were anti-dilutive or the specified performance conditions those shares were subject to were not yet achieved.

On April 15, 2016 and June 17, 2016, a dividend of $0.30 per share of the Company’s common stock, representing an aggregate of $7.3 million and $7.4 million, respectively, was paid to stockholders of record as of April 1, 2016 and June 6, 2016, respectively. In connection with these dividends, holders of deferred stock units, restricted stock and stock awards were credited with deferred stock units, restricted stock or stock equal to $0.30 for each deferred stock unit, share of restricted stock or stock award, representing $0.3 million for each of these dividends, respectively.

On April 10, 2015, a special dividend of $2.00 per share of the Company’s common stock, representing an aggregate of $48.2 million, was paid to stockholders of record as of March 27, 2015. In connection with this special dividend, holders of deferred stock units, restricted stock and stock awards were credited with deferred stock units, restricted stock or stock equal to $2.00 for each deferred stock unit, share of restricted stock or stock award, representing $1.8 million in total for this special dividend. In connection with this special cash dividend, the exercise price of all outstanding stock options was reduced by $2.00 per share. The reductions in exercise price were made pursuant to the terms of the outstanding awards, resulting in no incremental stock-based compensation expense.

In February 2016, the Company issued 4,784 deferred stock units at the average price of $55.22, or $0.3 million, to executive officers in lieu of cash for a portion of their 2015 incentive compensation. In February 2015, the Company issued 36,579 deferred stock units at the average price of $55.95, or $2.0 million, to executive officers in lieu of cash for a portion of their 2014 incentive compensation.