Net Income Per Common Share

9 Months Ended

Sep. 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 nine months ended September 30, 2016, options to acquire zero shares and two thousand shares, respectively, were excluded from the computation of Diluted EPS as their impact was anti-dilutive. During the three and nine months ended September 30, 2015, options to acquire zero shares and 673,000 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				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
Numerator:
Net Income	$	41,322	$	36,268	$	108,659	$	77,363

Denominator:
Weighted average number of common shares outstanding		51,627		50,616		51,421		51,143
Effect of outstanding share-based awards		844		666		803		739
Weighted average number of shares for diluted net income per common share		52,471		51,282		52,224		51,882

Basic earnings per-share	$	0.80	$	0.72	$	2.11	$	1.51
Diluted earnings per-share	$	0.79	$	0.71	$	2.08	$	1.49