NET INCOME PER SHARE

6 Months Ended

Jun. 30, 2016

Earnings Per Share [Abstract]

NET INCOME PER SHARE

7. NET INCOME PER SHARE

Per share results have been calculated based on the average number of common shares outstanding. The calculation 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				Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
Basic net income per share:
Net income applicable to common stockholders	$	35,531	$	28,649	$	63,055	$	39,122
Weighted average common shares outstanding		64,834		67,591		64,936		68,158
Basic net income per share	$	0.55	$	0.42	$	0.97	$	0.57
Diluted net income per share:
Net income applicable to common stockholders	$	35,531	$	28,649	$	63,055	$	39,122
Weighted average common shares outstanding		64,834		67,591		64,936		68,158
Dilutive shares from assumed conversion of convertible senior notes		1,057		2,047		529		1,888
Dilutive stock options and restricted stock		1,224		1,056		1,205		1,076
Diluted weighted average common shares outstanding		67,115		70,694		66,670		71,122
Diluted net income per share	$	0.53	$	0.41	$	0.95	$	0.55

Average diluted shares outstanding for the three and six month periods ended June 30, 2016 and 2015 exclude options to purchase common shares totaling 495 and 622, respectively, and 591 and 574, 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 for the three and six month periods ended June 30, 2016 and 2015 includes the impact of the Company’s Notes as the average stock price of the Company’s common stock during these periods was above the initial conversion price of approximately $11.70 per share.