Net Income Per Common Share

9 Months Ended

Sep. 30, 2015

Note 11 - Net Income Per Common Share

The following table displays a reconciliation of the information used in calculating basic and diluted earnings per common share for the nine and three months ended September 30, 2015 and 2014.



	Nine Months Ended September 30,			Three Months Ended September 30,
(in thousands, except per share data)	2015		2014	2015		2014
Basic Net Income Per Common Share:
Net income available to common shareholders	$	160,006	134,399	$	55,369	44,229
Weighted average common shares outstanding	133,120		138,989	131,516		139,043
Net income per common share, basic	$	1.20	0.97	0.42		0.32

Diluted Net Income Per Common Share:
Net income available to common shareholders	$	160,006	134,399	55,369		44,229
Weighted average common shares outstanding	133,120		138,989	131,516		139,043
Potentially dilutive shares from assumed exercise of securities or other contracts to purchase common stock	756		611	781		683
Weighted average diluted common shares	133,876		139,600	132,297		139,726
Net income per common share, diluted	$	1.20	0.96	0.42		0.32

Basic net income per common share is computed by dividing net income by the average common shares outstanding for the period. Diluted net income per common share reflects the dilution that could occur if securities or other contracts to issue common stock were exercised or converted. The dilutive effect of outstanding options and restricted share units is reflected in diluted net income per common share, unless the impact is anti-dilutive, by application of the treasury stock method.

As of September 30, 2015 and 2014, there were 2.7 million and 3.2 million, respectively, potentially dilutive shares related to common stock options and Warrants to purchase shares of common stock that were outstanding during 2015 and 2014, but were not included in the computation of diluted net income per common share because the effect would have been anti-dilutive.