Net Income Per Share

3 Months Ended

Mar. 31, 2016

NET INCOME PER SHARE

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 months ended March 31, 2016 and 2015.



	Three Months Ended March 31,
	2016					2015
	Net Income		Weighted-Average Shares	Per Share Amount		Net Income		Weighted-Average Shares	Per Share Amount
Net income available to common stockholders	17,693		40,690,573	$	0.43	16,172		37,709,883	$	0.43
Effect of dilutive stock options and warrants			226,399					290,191
Diluted net income per share	$	17,693	40,916,972	$	0.43	$	16,172	38,000,074	$	0.43

Stock options to purchase 153,721 and 367,576 shares for the three months ended March 31, 2016 and 2015, respectively, were not included in the earnings per share calculation because the exercise price exceeded the average market price.