Net Income Per Share

6 Months Ended

Jun. 30, 2016

NOTE 4 - NET INCOME PER SHARE

The following table reconciles basic and diluted net income per share for the three and six months ended June 30, 2016 and 2015:


	Three Months Ended June 30,				Six Months Ended June 30,
(dollars and shares in thousands, except per share data)	2016		2015		2016		2015
Basic Earnings Per Share
Net income	$	39,122	$	26,156	$	66,099	$	47,062

Weighted average common shares outstanding		127,508		115,732		120,753		117,128

Basic Earnings Per Share	$	0.31	$	0.22	$	0.55	$	0.40

Diluted Earnings Per Share
Net income	$	39,122	$	26,156	$	66,099	$	47,062

Weighted average common shares outstanding		127,508		115,732		120,753		117,128
Effect of dilutive securities:
Restricted stock (1)		425		397		480		409
Stock options (2)		40		94		40		97

Weighted average shares outstanding		127,973		116,223		121,273		117,634

Diluted Earnings Per Share	$	0.31	$	0.22	$	0.55	$	0.40

(1)

0.1 million shares of restricted stock and restricted stock units at June 30, 2016 were not included in the computation of net income per diluted share for the three months ended June 30, 2016 because the effect would be antidilutive. 0.2 million shares of restricted stock and restricted stock units at June 30, 2016 were not included in the computation of net income per diluted share for the six months ended June 30, 2016 because the effect would be antidilutive. There were no antidilutive shares excluded from the computation of net income for the three or six months ended June 30, 2015.

(2)

Options to purchase 0.8 million shares and 0.9 million shares outstanding at June 30, 2016 and 2015, respectively, were not included in the computation of net income per diluted share for the three months ended June 30, 2016 and 2015, respectively, because the exercise price of these options was greater than the average market price of the common shares and, therefore, the effect would be antidilutive. Options to purchase 0.8 million shares and 0.9 million shares outstanding at June 30, 2016 and 2015, respectively, were not included in the computation of net income per diluted share for the six months ended June 30, 2016 and 2015, respectively, because the exercise price of these options was greater than the average market price of the common shares and, therefore, the effect would be antidilutive.