Annual report pursuant to Section 13 and 15(d)

Earnings Per Share

v2.4.1.9
Earnings Per Share
 12 Months Ended
Dec. 31, 2014
Earnings Per Share [Abstract]  
Earnings Per Share

NOTE 12 — EARNINGS PER SHARE

Earnings per share computations are based upon the following table:

 

     2014      2013      2012  
(In thousands, except per share data)                     

Net Income

    $ 56,170       $ 27,266       $ 21,874   
  

 

 

     

 

 

     

 

 

  

Basic Earnings Weighted Average Shares

   21,713      20,981      20,572   

Net Effect of Dilutive Stock Options

   949      1,050      1,217   
  

 

 

     

 

 

     

 

 

  

Diluted Earnings Weighted Average Shares

   22,662      22,031      21,789   
  

 

 

     

 

 

     

 

 

  

Basic Earnings Per Share

 $ 2.59    $ 1.30    $ 1.06   

Diluted Earnings Per Share

 $ 2.48    $ 1.24    $ 1.00   

The above information has been adjusted to reflect the impact of the one-for-five distribution of Class B Stock for shareholders of record on September 5, 2014.

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 were insignificant at December 31, 2014 and 2013 and 0.2 million for the year ended December 31, 2012.