Net Income Per Common Share

9 Months Ended

Sep. 30, 2016

(8)	NET INCOME PER COMMON SHARE

Basic and diluted net income per common share based on weighted-average shares outstanding are calculated as follows:

	Income (Numerator)		Shares (Denominator)		Per Share Amount
	(Dollars in thousands, except per share data)
Three Months Ended September 30, 2016
Basic
Income available to common stockholders	$	17,982		15,631,094	$	1.15
Dilutive effect of stock options		—		291,115
Diluted
Income available to common stockholders plus assumed exercises of stock options	$	17,982		15,922,209	$	1.13
Three Months Ended September 30, 2015
Basic
Income available to common stockholders	$	15,630		15,581,593	$	1.01
Dilutive effect of stock options		—		324,531
Diluted
Income available to common stockholders plus assumed exercises of stock options	$	15,630		15,906,124	$	0.98
Nine Months Ended September 30, 2016
Basic
Income available to common stockholders	$	52,054		15,571,990	$	3.34
Dilutive effect of stock options		—		290,790
Diluted
Income available to common stockholders plus assumed exercises of stock options	$	52,054		15,862,780	$	3.28
Nine Months Ended September 30, 2015
Basic
Income available to common stockholders	$	50,442		15,542,027	$	3.25
Dilutive effect of stock options		—		329,964
Diluted
Income available to common stockholders plus assumed exercises of stock options	$	50,442		15,871,991	$	3.18

The following table shows the number and average exercise price of options that were excluded from the computation of diluted net income per common share for each period because the options’ exercise prices were greater than the average market price of the common shares:

	Shares		Average Exercise Price
Three Months Ended September 30, 2016		141,565	$	60.63
Three Months Ended September 30, 2015		145,261		60.51
Nine Months Ended September 30, 2016		183,314		59.74
Nine Months Ended September 30, 2015		165,927		58.33