Net Income Per Common Share

6 Months Ended

Jun. 30, 2016

Note 9 - Net Income Per Common Share

The following table displays a reconciliation of the information used in calculating basic and diluted earnings per common share for the six and three months ended June 30, 2016.



	Six Months Ended June 30,			Three Months Ended June 30,
(in thousands, except per share data)	2016		2015	2016		2015
Basic Net Income Per Common Share:
Net income available to common shareholders	$	107,870	104,637	$	57,898	53,233
Weighted average common shares outstanding	126,164		133,935	125,100		132,947
Net income per common share, basic	$	0.85	0.78	0.46		0.40
Diluted Net Income Per Common Share:
Net income available to common shareholders	$	107,870	104,637	$	57,898	53,233
Weighted average common shares outstanding	126,164		133,935	125,100		132,947
Potentially dilutive shares from outstanding equity-based awards	614		743	599		678
Weighted average diluted common shares	126,778		134,678	125,699		133,625
Net income per common share, diluted	$	0.85	0.78	0.46		0.40

Basic net income per common share is computed by dividing net income by the average common shares outstanding for the period. Diluted net income per common share reflects the dilution that could occur if securities or other contracts to issue common stock were exercised or converted. The dilutive effect of outstanding options and restricted share units is reflected in diluted net income per common share, unless the impact is anti-dilutive, by application of the treasury stock method.

As of June 30, 2016 and 2015, there were 2.5 million and 2.7 million, respectively, potentially dilutive shares related to common stock options and Warrants to purchase shares of common stock that were outstanding during 2016 and 2015, but were not included in the computation of diluted net income per common share because the effect would have been anti-dilutive.