Earnings Per Share

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Share

Note 3 – Earnings Per Share

Basic earnings per share is computed using the weighted-average number of shares outstanding. Diluted earnings per share is computed using the weighted-average number of shares outstanding adjusted for the incremental shares attributed to outstanding stock equivalents during the three months endedMarch 31,2014 and 2013. Stock equivalents include common shares issuable upon the exercise of stock options and other equity instruments, and are computed using the treasury stock method. Under the treasury stock method, the exercise price of a share, the amount of compensation cost, if any, for future service that the Company has not yet recognized, and the amount of estimated tax benefits that would be recorded in paid-in-capital, if any, when the share is exercised are assumed to be used to repurchase shares in the current period.

The following table sets forth the calculation of basic and diluted earnings per share.
		Three Months Ended
		March 31,
(in thousands, except per share data)			2014		2013
Net income		$	19,125	$	11,487
Denominator for basic earnings per share -
	weighted-average number of common
	shares outstanding during the period		53,650		54,796
Incremental common shares attributable to
	exercise of outstanding dilutive options		436		215
Incremental common shares attributable
	to outstanding restricted shares, and
	restricted stock units		191		139
Denominator for diluted earnings per share			54,277		55,150
Basic earnings per share		$	0.36	$	0.21
Diluted earnings per share		$	0.35	$	0.21

Options to purchase 1.0 million and 3.3million common shares for the three months ended March 31, 2014 and 2013, respectively, were not included in the computation of diluted earnings per share because their effect would have been anti-dilutive.