Earnings Per Share

9 Months Ended

Sep. 30, 2015

Basic net income per share is calculated by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted net income per share assumes the conversion of all potentially dilutive securities and is calculated by dividing net income by the sum of the weighted average number of shares of common stock outstanding plus all potentially dilutive securities. Dilutive common shares consist primarily of stock options and restricted stock awards.



	Three months ended				Nine months ended
	September 30, 2015		September 30, 2014		September 30, 2015		September 30, 2014
	(in thousands, except share and per share data)
Numerator:
Net income	$	13,251	$	12,440	$	32,780	$	33,625
Denominator:
Basic weighted average shares	54,209,942		54,905,288		54,160,649		54,851,911
Effect of dilutive stock options and restricted stock	369,648		578,755		462,514		571,383
Diluted weighted average shares	54,579,590		55,484,043		54,623,163		55,423,294
Earnings per share:
Basic	$	0.24	$	0.23	$	0.61	$	0.61
Diluted	$	0.24	$	0.22	$	0.60	$	0.61
Anti-dilutive shares:
Shares	138,661		29,132		135,971		22,676