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

NOTE M – EARNINGS PER SHARE



Basic earnings per share are based on the weighted-average number of shares outstanding for each period.  Shares that have been repurchased and retired during the periods specified below have been included in the calculation of the number of weighted-average shares that are outstanding for the calculation of basic earnings per share based on the time they were outstanding in any period.  Diluted earnings per common share are based on shares that are outstanding (computed under basic EPS) and on potentially dilutive shares.  Shares that are included in the diluted earnings per share calculations under the treasury stock method include equity awards that are in-the-money but have not yet been exercised.



The following is a reconciliation of the numerator and denominator used to calculate basic earnings per share and diluted earnings per share for the periods indicated:







 

 

 

 

 

 

 



 

Year Ended

 



 

2014

 

2015

 

2016

 



 

 

 

 

 

 

 

Net earnings available to common shareholders

 

$             76,636

 

$             94,672

 

$           100,041

 



 

 

 

 

 

 

 

Weighted average common shares outstanding - basic

 

26,443 

 

25,460 

 

24,185 

 



 

 

 

 

 

 

 

Dilutive effect of in-the-money equity awards

 

934 

 

895 

 

862 

 



 

 

 

 

 

 

 

Weighted average common shares outstanding - diluted

 

27,377 

 

26,355 

 

25,047 

 



 

 

 

 

 

 

 



 

 

 

 

 

 

 

Earnings per common share from net earnings - basic

 

$                2.90

 

$                3.72

 

$                4.14

 



 

 

 

 

 

 

 

Earnings per common share from net earnings - diluted

 

$                2.80

 

$                3.59

 

$                3.99

 



 

 

 

 

 

 

 



 

 

 

 

 

 

 



 

 

 

 

 

 

 

Equity awards for the following shares were not included in the computation of diluted EPS due to the fact that

 

their effect would be anti-dilutive:

 

 

 

 

 

 

 



 

 

 

 

 

 

 



 

Year Ended

 



 

2014

 

2015

 

2016

 



 

 

 

 

 

 

 



 

574 

 

786 

 

2,242