Net Income Per Share

9 Months Ended

Sep. 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 nine months ended September 30, 2015 and 2014.



	Three Months Ended September 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	17,067		37,850,827	$	0.46	16,122		36,054,867	$	0.45
Effect of dilutive stock options and warrants			267,372					274,114
Diluted net income per share	$	17,067	38,118,199	$	0.45	$	16,122	36,328,981	$	0.45



	Nine Months Ended September 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	51,207		37,785,236	$	1.36	44,902		36,013,049	$	1.25
Effect of dilutive stock options and warrants			268,750					282,337
Diluted net income per share	$	51,207	38,053,986	$	1.35	$	44,902	36,295,386	$	1.24

Stock options to purchase 225,180 and 531,872 shares for the three months ended September 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 335,550 and 569,061 shares for the nine months ended September 30, 2015 and 2014, respectively, were not included in the earnings per share calculation because the exercise price exceeded the average market price.