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Earnings Per Share
 6 Months Ended
Jun. 30, 2016
Earnings Per Share [Abstract]  
Earnings Per Share

(7) Earnings Per Share

The following table details the reconciliation of basic earnings per share to diluted earnings per share:

 

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

Numerator for basic and diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

18,872

 

 

$

18,836

 

 

$

35,951

 

 

$

36,109

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average basic common shares outstanding

 

 

36,160

 

 

 

33,751

 

 

 

36,316

 

 

 

33,756

 

Assumed conversion of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options

 

 

2,036

 

 

 

2,346

 

 

 

2,023

 

 

 

2,340

 

Denominator for diluted earnings per share

   - Adjusted weighted-average shares

 

 

38,196

 

 

 

36,097

 

 

 

38,339

 

 

 

36,096

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.52

 

 

$

0.56

 

 

$

0.99

 

 

$

1.07

 

Diluted

 

$

0.49

 

 

$

0.52

 

 

$

0.94

 

 

$

1.00

 

 

For the three and six months ended June 30, 2016, stock options representing the right to purchase common stock of approximately 708,000 shares and 735,000 shares, respectively, were not included in the computation of diluted earnings per share because their inclusion would have had an anti-dilutive effect. For the three and six months ended June 30, 2015, stock options representing the right to purchase common stock of approximately 492,000 shares and 570,000 shares, respectively, were not included in the computation of diluted earnings per share because their inclusion would have had an anti-dilutive effect.