COMPUTATION OF EARNINGS PER COMMON SHARE

3 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

COMPUTATION OF EARNINGS PER COMMON SHARE

COMPUTATION OF EARNINGS PER COMMON SHARE

The Company has a share-based compensation plan under which employees, non-employee directors, and consultants may be granted share-based awards, including shares of restricted stock on which non-forfeitable dividends are paid on unvested shares. As such, shares of restricted stock are considered participating securities under the two-class method of calculating earnings per share as described in the Earnings per Share Topic of the FASB ASC. The two-class method of calculating earnings per share did not have a material impact on the Company's earnings per share calculation for the three month periods ending June 30, 2014 or 2013.

The following table sets forth the computation of basic and diluted earnings per common share for the three months ended June 30, 2014 and 2013:

	Three Months Ended June 30,
(in thousands, except per share data)	2014		2013
Numerator:
Net income	$	28,672	$	26,953
Denominator:
Weighted average common shares-basic	41,619		42,692
Dilutive effect of employee equity incentive plans	847		958
Weighted average common shares-diluted	42,466		43,650
Basic earnings per common share	$	0.69	$	0.63
Diluted earnings per common share	$	0.68	$	0.62
Potentially dilutive securities excluded from diluted earnings per common share because their effect is anti-dilutive	547		292