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Earnings Per Share
3 Months Ended
Mar. 31, 2016
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share
In June 2015, the Company's Board of Directors declared a seven-for-one stock split in the form of a stock dividend that was paid on July 14, 2015 to all shareholders of record as of July 2, 2015 ("Stock Split").
Outstanding share and per-share amounts disclosed as of March 31, 2015 have been retroactively adjusted to reflect the effects of the Stock Split. 
Basic earnings per share is computed using the weighted-average number of outstanding shares of common stock during the period. Diluted earnings per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential common shares outstanding during the period. Potential common shares consist of incremental shares issuable upon the assumed exercise of stock options. The computation of earnings per share, as adjusted for the Stock Split, is as follows:
 
Three Months Ended
 
March 31,
2016
 
March 31,
2015
 
(in thousands, except per share data)
Basic earnings per share:
 
 
 
Net income
$
27,658

 
$
23,696

Shares used in computation:
 
 
 
Weighted-average common shares outstanding
428,117

 
423,624

Basic earnings per share
$
0.06

 
$
0.06

 
 
 
 
Diluted earnings per share:
 
 
 
Net income
$
27,658

 
$
23,696

Shares used in computation:
 
 
 
Weighted-average common shares outstanding
428,117

 
423,624

Employee stock options
9,876

 
10,185

Weighted-average number of shares
437,993

 
433,809

Diluted earnings per share
$
0.06

 
$
0.05



Employee stock options with exercise prices greater than the average market price of the common stock were excluded from the diluted calculation as their inclusion would have been anti-dilutive. The following table summarizes the potential common shares excluded from the diluted calculation, as adjusted for the Stock Split:
 
Three Months Ended
 
March 31,
2016
 
March 31,
2015
 
(in thousands)
Employee stock options
1,337

 
1,792