Earnings Per Share

6 Months Ended

Jun. 30, 2017

Note 2 – Earnings per share

Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding during each period. Diluted EPS is computed by dividing net income by the weighted average number of common shares and common share equivalents outstanding (if dilutive) during each period. The number of common share equivalents, which includes restricted stock units (“RSUs”), is computed using the treasury stock method.

The reconciliation of the denominators used to calculate basic EPS and diluted EPS for the three and six month periods ended June 30, 2017 and 2016, are as follows:



	Three Months Ended June 30,		Six Months Ended June 30,
	(In thousands)		(In thousands)
	(Unaudited)		(Unaudited)
	2017	2016	2017	2016
Weighted average shares outstanding-basic	130,197	128,282	129,820	127,938
Plus: Common share equivalents
RSUs	920	464	799	491
Weighted average shares outstanding-diluted	131,117	128,746	130,619	128,429

Stock awards to acquire 6,800 shares and 51,000 shares for the three months ended June 30, 2017 and 2016, respectively, and 13,500 shares and 333,000 shares for the six month periods ended June 30, 2017 and 2016, respectively, were excluded in the computations of diluted EPS because the effect of including the stock awards would have been anti-dilutive.