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Earnings Per Share
 9 Months Ended
Sep. 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 September 30,

 

 

Nine Months ended September 30,

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

Numerator for basic and diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

22,264

 

 

$

20,142

 

 

$

58,215

 

 

$

56,251

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average basic common shares outstanding

 

 

36,433

 

 

 

33,900

 

 

 

36,438

 

 

 

33,787

 

Assumed conversion of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options

 

 

2,073

 

 

 

2,449

 

 

 

2,039

 

 

 

2,376

 

Denominator for diluted earnings per share

   - Adjusted weighted-average shares

 

 

38,506

 

 

 

36,349

 

 

 

38,477

 

 

 

36,163

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.61

 

 

$

0.59

 

 

$

1.60

 

 

$

1.66

 

Diluted

 

$

0.58

 

 

$

0.55

 

 

$

1.51

 

 

$

1.56

 

 

For the three and nine months ended September 30, 2016, stock options representing the right to purchase common stock of approximately 741,000 shares and 737,000 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 nine months ended September 30, 2015, stock options representing the right to purchase common stock of approximately 416,000 shares and 519,000 shares, respectively, were not included in the computation of diluted earnings per share because their inclusion would have had an anti-dilutive effect.