Earnings Per Share

9 Months Ended

Sep. 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 nine months ended September 30, 2015 and 2014.



	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014

Net income	$	8,873	$	1,972	$	22,646	$	20,853

Basic – weighted average shares outstanding	27,701		27,454		27,636		27,354

Effect of dilutive potential securities	197		234		217		423

Diluted – weighted average shares outstanding	27,898		27,688		27,853		27,777

Net income
Basic (per share)	$	0.32	$	0.07	$	0.82	$	0.76
Diluted (per share)	0.32		0.07		0.81		0.75

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 nine months ended September 30, 2015 and 2014.