Earnings Per Share

6 Months Ended

Jun. 30, 2015

Basic earnings per share (“basic EPS”) is computed by dividing net income by the weighted average number of common shares outstanding for the reporting period. Diluted earnings per share (“diluted EPS”) gives effect to all dilutive potential shares outstanding resulting from employee stock options, restricted stock units, performance share units and stock appreciation rights during the period. The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended June 30, 2015 and 2014.



	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014

Net income	$	7,461	$	10,255	$	13,773	$	18,881

Basic – weighted average shares outstanding	27,620		27,257		27,603		27,303

Effect of dilutive potential securities	237		496		236		500

Diluted – weighted average shares outstanding	27,857		27,753		27,839		27,803

Net income
Basic (per share)	$	0.27	$	0.38	$	0.50	$	0.69
Diluted (per share)	0.27		0.37		0.49		0.68

The shares used in the calculation of diluted EPS exclude options and SARs to purchase shares where the exercise price was greater than the average market price of common shares for the period and the effect of the inclusion would be antidilutive. Such shares were not material in the three and six months ended June 30, 2015 and 2014.