Annual report pursuant to Section 13 and 15(d)

Earnings Per Share

v3.8.0.1
Earnings Per Share
 12 Months Ended
Dec. 31, 2017
Earnings Per Share [Abstract]  
Earnings Per Share
EARNINGS PER SHARE
Earnings per share computations are based upon the following table:
 
2017
 
2016
 
2015
(In thousands, except per share data)
 
 
 
 
 
Net Income
$
19,679

 
$
48,424

 
$
66,974

Basic Earnings Weighted Average Shares
28,586

 
29,163

 
29,245

Net Effect of Dilutive Stock Options
734

 
869

 
934

Diluted Earnings Weighted Average Shares
29,320

 
30,032

 
30,179

Basic Earnings Per Share
$
0.69

 
$
1.66

 
$
2.29

Diluted Earnings Per Share
$
0.67

 
$
1.61

 
$
2.22


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 excluded from the computation was approximately 0.1 million for the year ended December 31, 2017, 0.2 million for the year ended December 31, 2016, and 0.1 million for the year ended December 31, 2015.