Net Income Per Share

6 Months Ended

Jun. 30, 2015

Basic net income per share is computed by dividing net income by the weighted-average shares outstanding during the reporting period. Diluted net income per share is computed by dividing net income by the combination of all dilutive common share equivalents, comprised of shares issuable under the Corporation’s share-based compensation plans, and the weighted-average shares outstanding during the reporting period.

Dilutive common share equivalents include the dilutive effect of in-the-money share-based awards, which are calculated based on the average share price for each period using the treasury stock method. Under the treasury stock method, the exercise price of share-based awards, the amount of compensation expense, if any, for future service that the Corporation has not yet recognized, and the amount of estimated tax benefits that would be recorded in additional paid-in capital when share-based awards are exercised, are assumed to be used to repurchase common stock in the current period.

The following table reconciles basic and diluted net income per share for the three and six months ended June 30, 2015 and 2014.



	Three Months Ended June 30,
	2015					2014
	Net Income		Weighted-Average Shares	Per Share Amount		Net Income		Weighted-Average Shares	Per Share Amount
Net income available to common stockholders	17,968		37,793,448	$	0.47	15,160		36,026,763	$	0.42
Effect of dilutive stock options and warrants			249,911					267,386
Diluted net income per share	$	17,968	38,043,359	$	0.47	$	15,160	36,294,149	$	0.41



	Six Months Ended June 30,
	2015					2014
	Net Income		Weighted-Average Shares	Per Share Amount		Net Income		Weighted-Average Shares	Per Share Amount
Net income available to common stockholders	34,140		37,751,896	$	0.90	28,780		35,991,794	$	0.80
Effect of dilutive stock options and warrants			270,036					285,754
Diluted net income per share	$	34,140	38,021,932	$	0.90	$	28,780	36,277,548	$	0.79

Stock options to purchase 367,525 and 584,194 shares for the three months ended June 30, 2015 and 2014, respectively, were not included in the earnings per share calculation because the exercise price exceeded the average market price.

Stock options to purchase 367,550 and 619,890 shares for the six months ended June 30, 2015 and 2014, respectively, were not included in the earnings per share calculation because the exercise price exceeded the average market price.