Annual report pursuant to Section 13 and 15(d)

Earnings Per Share

v3.6.0.2
Earnings Per Share
 12 Months Ended
Dec. 31, 2016
Earnings Per Share [Abstract]  
Earnings Per Share
EARNINGS PER SHARE
Earnings per share computations are based upon the following table:
 
2016
 
2015
 
2014
(In thousands, except per share data)
 
 
 
 
 
Net Income
$
48,424

 
$
66,974

 
$
56,170

Basic Earnings Weighted Average Shares
29,163

 
29,245

 
28,716

Net Effect of Dilutive Stock Options
869

 
934

 
1,254

Diluted Earnings Weighted Average Shares
30,032

 
30,179

 
29,970

Basic Earnings Per Share
$
1.66

 
$
2.29

 
$
1.96

Diluted Earnings Per Share
$
1.61

 
$
2.22

 
$
1.87


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 11, 2016.
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 0.2 million at December 31, 2016, 0.1 million at December 31, 2015 and were insignificant at December 31, 2014.