Net Income Per Share

12 Months Ended

Dec. 31, 2016

NET INCOME PER SHARE

Basic net income per share is computed by dividing net income by the weighted-average shares outstanding during the reporting period. Diluted net income per share is computed by dividing net income by the combination of all dilutive common share equivalents, comprised of shares issuable under the Corporation’s share-based compensation plans, and the weighted-average shares outstanding during the reporting period.

Dilutive common share equivalents include the dilutive effect of in-the-money share-based awards, which are calculated based on the average share price for each period using the treasury stock method. Under the treasury stock method, the exercise price of share-based awards, the amount of compensation expense, if any, for future service that the Corporation has not yet recognized, and the amount of estimated tax benefits that would be recorded in additional paid-in capital when share-based awards are exercised, are assumed to be used to repurchase common stock in the current period.

The following table reconciles basic and diluted net income per share for the years indicated:



	2016					2015					2014
			Weighted-Average Shares					Weighted-Average Shares					Weighted-Average Shares
Basic net income per share:
Net income available to common stockholders	$	81,051	40,767,343	$	1.99	$	65,384	37,816,399	$	1.73	$	60,162	36,266,356	$	1.66
Effect of dilutive stock options and warrants			245,790					271,834					288,253
Diluted net income per share:
Net income available to common stockholders	$	81,051	41,013,133	$	1.98	$	65,384	38,088,233	$	1.72	$	60,162	36,554,609	$	1.65

Options to purchase 51,949, 286,119, and 543,514 shares of common stock with weighted average exercise prices of $19.26, $19.99, and $20.99 at December 31, 2016, 2015 and 2014 respectively, were excluded from the computation of diluted net income per share because the options exercise price was greater than the average market price of the common stock.