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Earnings Per Share
 9 Months Ended
Sep. 30, 2016
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share

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 ("SARs") 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, 2016 and 2015:


Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2016
 
2015
 
2016
 
2015

 
 


 
 
 


Net income
$
7,337

 
$
8,873

 
$
7,956

 
$
22,646


 
 


 
 
 


Basic – weighted average shares outstanding
27,818

 
27,701

 
27,785

 
27,636


 
 


 
 
 


Effect of dilutive potential securities
133

 
197

 
161

 
217


 
 


 
 
 


Diluted – weighted average shares outstanding
27,951

 
27,898

 
27,946

 
27,853


 
 


 
 
 


Net income (per share)
 

 
 

 
 

 
 

Basic
$
0.26

 
$
0.32

 
$
0.29

 
$
0.82

Diluted
0.26

 
0.32

 
0.28

 
0.81


 
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 anti-dilutive. Such shares aggregated approximately 1.6 million and 1.4 million in the three and nine months ended September 30, 2016, respectively. Such shares were not material in the three and nine months ended September 30, 2015.