Earnings Per Share
 9 Months Ended
Sep. 30, 2016
Earnings Per Share [Abstract]  
Earnings Per Share
EARNINGS PER SHARE
Earnings per common and common equivalent share are computed using the weighted average number of shares of common stock and common stock equivalents outstanding during each period. If dilutive, the effect of stock options, treated as common stock equivalents, is calculated using the treasury stock method.
The following table sets forth the computation of basic and diluted earnings per share:
 
 
Quarter Ended September 30,
 
Nine Months Ended September 30,
In Thousands
 
2016

2015
 
2016
 
2015
 
 
 
 
 
 
 
 
 
Numerator:
 



 
 
 
 
Net income
 
$
5,999

 
$
14,511

 
$
22,437

 
$
36,652

 
 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
 
Denominator for basic earnings per share – weighted average shares
 
20,704

 
20,716

 
20,696

 
20,726

 
 
 
 
 
 
 
 
 
Effect of dilutive securities:
 
 

 
 
 
 
 
Employee stock options
 
71


58

 
67

 
71

 
 
 
 
 
 
 
 
 
Denominator for diluted earnings per share – weighted average shares
 
20,775

 
20,774

 
20,763

 
20,797


The weighted average of employee stock options excluded from the determination of diluted earnings per common and common equivalent share for the third quarter was 129,000 in 2016 and 148,000 in 2015. The weighted average of employee stock options excluded from the determination of diluted earnings per common and common equivalent share for the nine months ended September 30 was 148,000 in 2016 and 112,000 in 2015. Such options were anti-dilutive for their respective periods.