Net Income Per Common Share

6 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Net Income Per Common Share

Net Income Per Common Share

(In Thousands, Except Share Data)

Basic net income per common share is calculated by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted net income per common share reflects the pro forma dilution of shares outstanding assuming outstanding stock options were exercised into common shares, calculated in accordance with the treasury method. Basic and diluted net income per common share calculations are as follows for the periods presented:

	Three Months Ended
	June 30,
	2014		2013
Basic
Net income applicable to common stock	$	14,853	$	8,019
Average common shares outstanding	31,496,737		25,223,749
Net income per common share - basic	$	0.47	$	0.32
Diluted
Net income applicable to common stock	$	14,853	$	8,019
Average common shares outstanding	31,496,737		25,223,749
Effect of dilutive stock-based compensation	201,461		150,119
Average common shares outstanding - diluted	31,698,198		25,373,868
Net income per common share - diluted	$	0.47	$	0.32

	Six Months Ended
	June 30,
	2014		2013
Basic
Net income applicable to common stock	$	28,450	$	15,590
Average common shares outstanding	31,466,610		25,205,092
Net income per common share - basic	$	0.90	$	0.62
Diluted
Net income applicable to common stock	$	28,450	$	15,590
Average common shares outstanding	31,466,610		25,205,092
Effect of dilutive stock-based compensation	215,886		129,806
Average common shares outstanding - diluted	31,682,496		25,334,898
Net income per common share - diluted	$	0.90	$	0.62

Stock options that could potentially dilute basic net income per common share in the future that were not included in the computation of diluted net income per common share due to their anti-dilutive effect were as follows for the periods presented:

	Three Months Ended
	June 30,
	2014	2013
Number of shares	109,068	162,339
Range of exercise prices	$29.57 - $30.63	$19.14 - $30.63

	Six Months Ended
	June 30,
	2014	2013
Number of shares	109,068	388,446
Range of exercise prices	$29.57 - $30.63	$19.14 - $30.63