Annual report pursuant to Section 13 and 15(d)

Earnings Per Share

v3.3.1.900
Earnings Per Share
 12 Months Ended
Dec. 31, 2015
Earnings Per Share [Abstract]  
Earnings Per Share
EARNINGS PER SHARE
Earnings per share computations are based upon the following table:
 
2015
 
2014
 
2013
(In thousands, except per share data)
 
 
 
 
 
Net Income
$
66,974

 
$
56,170

 
$
27,266

Basic Earnings Weighted Average Shares
25,430

 
24,970

 
24,128

Net Effect of Dilutive Stock Options
813

 
1,091

 
1,207

Diluted Earnings Weighted Average Shares
26,243

 
26,061

 
25,335

Basic Earnings Per Share
$
2.63

 
$
2.25

 
$
1.13

Diluted Earnings Per Share
$
2.55

 
$
2.16

 
$
1.08


The above information has been adjusted to reflect the impact of the three-for-twenty distribution of Class B Stock for shareholders of record on October 8, 2015.
Stock options with exercise prices greater than the average market price of the underlying common shares are excluded from the computation of diluted earnings per share because they are out-of-the-money and the effect of their inclusion would be anti-dilutive. The number of common shares covered by out-of-the-money stock options was approximately 0.1 million at December 31, 2015, and were insignificant at December 31, 2014 and 2013.