Earnings Per Common Share

6 Months Ended

Jun. 30, 2016

Basic and diluted earnings per common share are computed by dividing net income by the weighted-average number of basic and diluted common shares outstanding, respectively. The weighted-average number of diluted common shares includes the impact of dilutive securities, including unvested, unexercised stock options and unvested restricted stock. The table below reconciles the weighted-average basic and diluted common shares outstanding:



	Three months ended June 30,		Six months ended June 30,
	2016	2015	2016	2015
Weighted average number of common shares outstanding - basic	72,568,000	71,657,000	72,466,000	71,563,000
Effect of dilutive securities⁽¹⁾	748,000	629,000	699,000	660,000
Weighted average number of common shares outstanding - diluted	73,316,000	72,286,000	73,165,000	72,223,000

⁽¹⁾

Certain outstanding stock option awards have exercise prices greater than the average market price of our common stock during the periods presented. Such awards would be antidilutive and were therefore excluded from the calculation of the weighted average number of diluted common shares outstanding. During the three and six months ended June 30, 2016, options to purchase 553,000 and 551,000 shares having a weighted average exercise price of $34.14 were excluded. During the three and six months ended June 30, 2015, options to purchase 1,015,000 and 1,014,000 shares having weighted average exercise prices of $29.25 and $29.23, respectively, were excluded.