Earnings Per Share

12 Months Ended

Dec. 31, 2016

EARNINGS PER SHARE

Basic earnings and diluted earnings per share data were computed as follows:



	Years Ended December 31,
	2016		2015		2014
Numerator for basic and diluted earnings per share:
Net income	$	109,857	$	64,869	$	58,940
Denominator:
Weighted-average basic common shares outstanding	36,448		34,137		33,011
Assumed conversion of dilutive securities:
Stock options	2,513		2,415		2,390
Denominator for diluted earnings per share - Adjusted weighted-average shares	38,961		36,552		35,401
Earnings per common share:
Basic	$	3.01	$	1.90	$	1.79
Diluted	$	2.82	$	1.77	$	1.66

Stock options representing the right to purchase common stock of 786,000 shares in 2016, 417,000 shares in 2015, and 481,000 shares in 2014 were not included in the computation of diluted earnings per share because their inclusion would have had an anti-dilutive effect. During fourth quarter of 2016, we adopted ASU No. 2016-09 requiring the recognition of excess tax benefits as a component of income tax expense; these benefits were historically recognized in equity. As the standard required a prospective method of adoption, our 2016 net income includes a $29.6 million income tax benefit due to the adoption that did not occur in the comparable periods presented above. In addition, the standard updates the method of calculating diluted shares resulting in the inclusion of 519,000 additional shares in our diluted EPS calculation that is not comparable to the other periods presented. Refer to Note 1 "Summary of Significant Accounting Policies" for further discussion of this new accounting standard.