Net Income Per Share

6 Months Ended

Jun. 30, 2016

Net Income Per Share:

Net income per share is based on the weighted average number of shares outstanding. A reconciliation of the shares used in the computation of basic and diluted net income per share is as follows:



	Three Months Ended June 30,		Six Months Ended June 30,
(SHARES IN THOUSANDS)	2016	2015	2016	2015
Basic	79,764	80,790	79,809	80,729
Assumed dilution under stock plans	276	402	332	472
Diluted	80,040	81,192	80,141	81,201

An immaterial amount of stock-settled appreciation rights (“SSARs”) were excluded from the computation of diluted net income per share for the three and six months ended June 30, 2016. There were no stock options or SSARs excluded from the 2015 periods.

The Company has issued shares of purchased restricted common stock (“PRS”) which contain rights to nonforfeitable dividends while these shares are outstanding and thus are considered participating securities. Such securities are required to be included in the computation of basic and diluted earnings per share pursuant to the two-class method. The Company did not present the two-class method since the difference between basic and diluted net income per share for both unrestricted common shareholders and PRS shareholders was less than $0.01 per share for each period presented, and the number of PRS outstanding as of June 30, 2016 and 2015 was immaterial. Net income allocated to such PRS was $0.3 million and $0.5 million for the three months ended June 30, 2016 and 2015, respectively and $0.5 million and $1.1 million during the six months ended June 30, 2016 and 2015, respectively.