Note 3 - Net Income Per Common Share

9 Months Ended

Sep. 30, 2016

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				Nine Months Ended
	September 30,				September 30,
(in thousands, except share and per share amounts)	2016		2015		2016		2015
Net income	$	11,982	$	12,382	$	33,335	$	34,521

Basic - weighted-average shares outstanding:		26,416,041		26,083,405		26,334,738		25,952,451
Effect of dilutive securities:
Employee stock options and other		193,837		297,908		204,340		338,307
Diluted - weighted-average shares outstanding:		26,609,878		26,381,313		26,539,078		26,290,758
Net income per share:
Basic	$	0.45	$	0.47	$	1.27	$	1.33
Diluted	$	0.45	$	0.47	$	1.26	$	1.31