Net Income Per Common Share |
(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, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
|
|
|
|
|
|
|
Income available to common stockholders |
|
$ |
21,710 |
|
|
|
31,838,392 |
|
|
$ |
0.68 |
|
Dilutive effect of stock options |
|
|
— |
|
|
|
753,885 |
|
|
|
|
|
Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
Income available to common stockholders plus assumed
exercises of stock options |
|
$ |
21,710 |
|
|
|
32,592,277 |
|
|
$ |
0.67 |
|
Three Months Ended September 30, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
|
|
|
|
|
|
|
Income available to common stockholders |
|
$ |
17,982 |
|
|
|
31,262,188 |
|
|
$ |
0.58 |
|
Dilutive effect of stock options |
|
|
— |
|
|
|
582,230 |
|
|
|
|
|
Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
Income available to common stockholders plus assumed
exercises of stock options |
|
$ |
17,982 |
|
|
|
31,844,418 |
|
|
$ |
0.57 |
|
Nine Months Ended September 30, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
|
|
|
|
|
|
|
Income available to common stockholders |
|
$ |
66,942 |
|
|
|
31,792,270 |
|
|
$ |
2.11 |
|
Dilutive effect of stock options |
|
|
— |
|
|
|
741,949 |
|
|
|
|
|
Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
Income available to common stockholders plus assumed
exercises of stock options |
|
$ |
66,942 |
|
|
|
32,534,219 |
|
|
$ |
2.06 |
|
Nine Months Ended September 30, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
|
|
|
|
|
|
|
Income available to common stockholders |
|
$ |
52,054 |
|
|
|
31,143,980 |
|
|
$ |
1.67 |
|
Dilutive effect of stock options |
|
|
— |
|
|
|
581,580 |
|
|
|
|
|
Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
Income available to common stockholders plus assumed
exercises of stock options |
|
$ |
52,054 |
|
|
|
31,725,560 |
|
|
$ |
1.64 |
|
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, 2017 |
|
|
75,543 |
|
|
$ |
46.46 |
|
Three Months Ended September 30, 2016 |
|
|
283,130 |
|
|
|
30.32 |
|
Nine Months Ended September 30, 2017 |
|
|
39,120 |
|
|
|
46.10 |
|
Nine Months Ended September 30, 2016 |
|
|
366,628 |
|
|
|
29.87 |
|
|