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PER SHARE OF COMMON STOCK
 12 Months Ended
Dec. 31, 2016
Earnings Per Share [Abstract]  
Earnings Per Share
3.
PER SHARE OF COMMON STOCK
 
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):
 
 
 
Years Ended December 31,
 
 
 
2016
 
2015
 
2014
 
Basic net income per share
 
 
 
 
 
 
 
 
 
 
Net income applicable to common stockholders
 
$
119,433
 
$
104,289
 
$
60,930
 
Undistributed earnings allocated to participating securities
 
 
-
 
 
-
 
 
(481)
 
Net income applicable to common stockholders excluding amounts applicable to participating securities
 
$
119,433
 
$
104,289
 
$
60,449
 
Weighted average common shares outstanding
 
 
63,729
 
 
67,201
 
 
68,895
 
Basic net income per share
 
$
1.87
 
$
1.55
 
$
0.88
 
 
 
 
 
 
 
 
 
 
 
 
Diluted net income per share:
 
 
 
 
 
 
 
 
 
 
Net income applicable to common stockholders
 
$
119,433
 
$
104,289
 
$
60,930
 
Undistributed earnings allocated to participating securities
 
 
-
 
 
-
 
 
(481)
 
Net income applicable to common stockholders excluding amounts applicable to participating securities
 
$
119,433
 
$
104,289
 
$
60,449
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding
 
 
63,729
 
 
67,201
 
 
68,895
 
Dilutive shares from assumed conversion of convertible senior notes
 
 
794
 
 
1,128
 
 
1,354
 
Dilutive stock options and restricted stock
 
 
1,239
 
 
1,039
 
 
814
 
Diluted weighted average common shares outstanding
 
 
65,762
 
 
69,368
 
 
71,063
 
Diluted net income per share
 
$
1.82
 
$
1.50
 
$
0.85
 
 
Average diluted shares outstanding for the periods ended December 31, 2016, 2015 and 2014 exclude options to purchase common shares totaling 503, 666 and 581, 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 each period 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.