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Earnings per Share
 6 Months Ended
Jun. 30, 2015
Earnings per Share  
Earnings per Share

 

6.     Earnings Per Share

 

Basic income per share is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted income per share is calculated by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding during the period. Our dilutive common share equivalents consist of stock options and restricted stock awards and units.

 

The following table reconciles the basic to diluted weighted average common shares outstanding using the treasury stock method (in thousands, except per share data):

 

Basic and diluted

 

 

 

June 30,

 

June 30,

 

 

 

Three months ended

 

Six months ended

 

 

 

2015

 

2014

 

2015

 

2014

 

Net income

 

$
5,418 

 

$
6,038 

 

$
8,940 

 

$
9,391 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding — basic

 
88,523 

 
87,691 

 
88,385 

 
87,564 

 

Plus: net effect of dilutive stock options

 
153 

 
230 

 
167 

 
301 

 

Plus: net effect of dilutive restricted stock awards and units

 
232 

 
171 

 
219 

 
168 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding — diluted

 
88,908 

 
88,092 

 
88,771 

 
88,033 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share — basic

 

$
0.06 

 

$
0.07 

 

$
0.10 

 

$
0.11 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share — diluted

 

$
0.06 

 

$
0.07 

 

$
0.10 

 

$
0.11 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended June 30, 2015 and 2014, 2,576,385 and 2,562,229 stock options, respectively, were not included in the diluted earnings per share calculation because the effect would have been anti-dilutive.  For the three months ended June 30, 2015 and 2014, 48,131 and 9,085 restricted stock units were not included in the diluted earnings per share calculation because the effect would have been anti-dilutive.

 

For the six months ended June 30, 2015 and 2014, 2,969,496 and 2,443,375 stock options, respectively, were not included in the diluted earnings per share calculation because the effect would have been anti-dilutive. For the six months ended June 30, 2015 and 2014, 127,185 and 52,171 restricted stock awards and units were not included in the diluted earnings per share calculation because the effect would have been anti-dilutive.