Net Income Per Share

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2016 and 2015.



	Three Months Ended September 30,
	2016					2015
	Net Income		Weighted-Average Shares	Per Share Amount		Net Income		Weighted-Average Shares	Per Share Amount
Net income available to common stockholders	21,059		40,779,423	$	0.51	17,067		37,850,827	$	0.46
Effect of dilutive stock options and warrants			246,361					267,372
Diluted net income per share	$	21,059	41,025,784	$	0.51	$	17,067	38,118,199	$	0.45



	Nine Months Ended September 30,
	2016					2015
	Net Income		Weighted-Average Shares	Per Share Amount		Net Income		Weighted-Average Shares	Per Share Amount
Net income available to common stockholders	58,758		40,740,714	$	1.44	51,207		37,785,236	$	1.36
Effect of dilutive stock options and warrants			229,501					268,750
Diluted net income per share	$	58,758	40,970,215	$	1.43	$	51,207	38,053,986	$	1.35

Stock options to purchase 53,550 and 225,180 shares for the three months ended September 30, 2016 and 2015, respectively, were not included in the earnings per share calculation because the exercise price exceeded the average market price.

Stock options to purchase 119,157 and 335,550 shares for the nine months ended September 30, 2016 and 2015, respectively, were not included in the earnings per share calculation because the exercise price exceeded the average market price.