7. Income Per Share
 12 Months Ended
Dec. 31, 2015
Earnings Per Share [Abstract]  
Income Per Share

The following is the computation of basic and diluted income per share:

 

    Year ended December 31,  
    2015     2014     2013  
    (In thousands, except per share amounts)  
Net Income   $ 28,925     $ 27,808     $ 26,582  
                         
Weighted average basic shares outstanding     1,846       1,958       2,010  
Add:  Effect of dilutive securities     24       17       7  
Weighted average diluted shares outstanding     1,870       1,975       2,017  
                         
Net Income per share                        
Basic   $ 15.67     $ 14.20     $ 13.22  
Diluted   $ 15.47     $ 14.08     $ 13.18  

 

As required by ASC 260, Earnings per Share, unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are considered participating securities and, therefore, are included in the computation of basic income per share pursuant to the two-class method.

 

Incremental shares from stock options and restricted stock units were included in the calculation of weighted average diluted shares outstanding using the treasury stock method.  Dilutive securities representing eight shares of common stock for the year ended December 31, 2014 were excluded from the computation of weighted average diluted shares outstanding because their effect would have been anti-dilutive.