Earnings Per Share

3 Months Ended

Mar. 31, 2016

Note 4 – 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. 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 excess 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)			2016		2015
Net income		$	11,052	$	14,205

Denominator for basic earnings per share - weighted-average number of
	common shares outstanding during the period		49,848		52,463
Incremental common shares attributable to exercise of dilutive options			292		391
Incremental common shares attributable to outstanding restricted shares
	and restricted stock units		147		191
Denominator for diluted earnings per share			50,287		53,045

Basic earnings per share			$0.22		$0.27
Diluted earnings per share			$0.22		$0.27

Options to purchase 1.2 million and 1.0 million common shares for the three months ended March 31, 2016 and 2015, respectively, were not included in the computation of diluted earnings per share because their effect would have been anti-dilutive.