Note 3 - Net Income per Common Share

6 Months Ended

Jun. 30, 2015

Note

3 –

Net Income per Common Share

Basic net income per share is computed based on the weighted-average number of common shares outstanding. Diluted net income per share is computed based on the weighted-average number of common shares outstanding, increased by the number of additional shares that would have been outstanding had potentially dilutive common shares been issued and reduced by the number of shares the Company could have repurchased from the proceeds from issuance of the potentially dilutive shares. Potentially dilutive shares of common stock include stock options, restricted stock units and restricted stock awards granted under stock-based compensation plans and shares committed to be purchased under the employee stock purchase plan.

The table below sets forth the computation of basic and diluted net income per share:



	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in thousands, except share and per share amounts)	2015		2014		2015		2014
Net income	$	11,686	$	10,956	$	22,139	$	21,058

Basic - weighted-average shares outstanding:		25,921,111		25,620,005		25,885,888		25,597,055
Effect of dilutive securities:
Employee stock options and other		356,392		526,843		359,247		535,210
Diluted - weighted-average shares outstanding:		26,277,503		26,146,848		26,245,135		26,132,265
Net income per share:
Basic	$	0.45	$	0.43	$	0.86	$	0.82
Diluted	$	0.44	$	0.42	$	0.84	$	0.81