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NET INCOME PER SHARE
 6 Months Ended
Jun. 30, 2013
Earnings Per Share [Abstract]  
NET INCOME PER SHARE
8.
NET INCOME PER SHARE
 
Per share results have been computed based on the average number of common shares outstanding. The computation of basic and diluted net income per share is determined using net income applicable to common stockholders as the numerator and the number of shares included in the denominator as follows (in thousands, except per share amounts):
 
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
 
 
2013
 
2012
 
2013
 
2012
 
Basic net income per share:
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income applicable to common stockholders
 
$
14,135
 
$
1,942
 
$
19,870
 
$
7,006
 
Undistributed earnings allocated to participating securities
 
 
(112)
 
 
(16)
 
 
(169)
 
 
(60)
 
Net income applicable to common stockholders excluding
    amounts applicable to participating securities
 
$
14,023
 
$
1,926
 
$
19,701
 
$
6,946
 
Weighted average common shares outstanding
 
 
68,442
 
 
68,323
 
 
68,419
 
 
68,284
 
Basic net income per share
 
$
0.20
 
$
0.03
 
$
0.29
 
$
0.10
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted net income per share:
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income applicable to common stockholders
 
$
14,135
 
$
1,942
 
$
19,870
 
$
7,006
 
Undistributed earnings allocated to participating securities
 
 
(112)
 
 
(16)
 
 
(169)
 
 
(60)
 
Net income applicable to common stockholders excluding
    amounts applicable to participating securities
 
$
14,023
 
$
1,926
 
$
19,701
 
$
6,946
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding
 
 
68,442
 
 
68,323
 
 
68,419
 
 
68,284
 
Dilutive stock options and restricted stock
 
 
416
 
 
202
 
 
425
 
 
287
 
Diluted weighted average common shares outstanding
 
 
68,858
 
 
68,525
 
 
68,844
 
 
68,571
 
Diluted net income per share
 
$
0.20
 
$
0.03
 
$
0.29
 
$
0.10
 
 
Average diluted shares outstanding for the three and six month periods ended June 30, 2013 and 2012 exclude options to purchase common shares totaling 1,451 and 1,801, respectively, and 1,444 and 1,567, respectively, because the exercise prices were greater than the average market price of the common shares. In addition, the calculation of diluted net income per share excludes the impact of the Company’s Notes as the average stock price of the Company’s common stock was below the initial conversion price of approximately $11.70 per share for the quarter ended June 30, 2013. The Notes may have a dilutive impact if the average market price of the Company’s common stock is above the conversion price of the Notes.