Net Income Per Common Share

6 Months Ended

Jun. 30, 2016

Note 4 — Net Income Per Common Share

Basic net income per common share (“Basic EPS”) excludes dilution and is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per common share (“Diluted EPS”) reflects the potential dilution that could occur if stock options or other contracts to issue common stock were exercised or converted into common stock. The computation of Diluted EPS does not assume exercise or conversion of securities that would have an anti-dilutive effect on net income per common share. During the three and six months ended June 30, 2016, options to acquire zero shares and 6,000 shares, respectively, were excluded from the computation of Diluted EPS as their impact was anti-dilutive. During the three and six months ended June 30, 2015, options to acquire 459,000 shares and 2,019,000 shares, respectively, were excluded from the computation of Diluted EPS as their impact was anti-dilutive.

The calculation of the weighted average number of shares of common stock outstanding for Basic EPS and Diluted EPS for the periods indicated (in thousands, except per share data) is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
Numerator:
Net Income	$	40,244	$	31,475	$	67,336	$	41,095

Denominator:
Weighted average number of common shares outstanding		51,418		51,357		51,318		51,407
Effect of outstanding share-based awards		776		614		786		775
Weighted average number of shares for diluted net income per common share		52,194		51,971		52,104		52,182

Basic earnings per-share	$	0.78	$	0.61	$	1.31	$	0.80
Diluted earnings per-share	$	0.77	$	0.61	$	1.29	$	0.79