Net Income Per Common Share

3 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Net Income Per Common Share

Net Income Per Common Share

The computation of basic and diluted net income per common share using the two-class method is as follows (in thousands, except per share amounts):

	Three Months Ended September 30,
	2013			2012
Basic net income per common share calculation
Net income	$	7,699		$	899
Less: Undistributed earnings allocated to participating securities	(20		)	(6		)
Net income attributable to common shares—basic	$	7,679		$	893
Weighted-average number of common shares used to compute basic net income per common share	42,496			41,667
Basic net income per common share	$	0.18		$	0.02
Diluted net income per common share calculation
Net income	$	7,699		$	899
Less: Undistributed earnings allocated to participating securities	(19		)	(6		)
Net income attributable to common shares—diluted	$	7,680		$	893
Weighted-average number of common shares used to compute basic net income per common share	42,496			41,667
Dilutive effect of options to purchase common stock	2,106			2,507
Weighted-average number of common shares used to compute diluted net income per common share	44,602			44,174
Diluted net income per common share	$	0.17		$	0.02

For the three months ended September 30, 2013 and 2012, the Company had stock options outstanding that could potentially dilute basic earnings per share in the future, but were excluded from the computation of diluted net income per share in the periods presented, as their effect would have been anti-dilutive. The shares of common stock issuable upon exercise of such anti-dilutive outstanding stock options were 5,909,000 and 5,338,000 for the three months ended September 30, 2013 and 2012, respectively.