Net Income Per Common Share

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Net Income Per Common Share

Net Income Per Common Share

(In Thousands, Except Share Data)

Basic net income per common share is calculated by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted net income per common share reflects the pro forma dilution of shares outstanding assuming outstanding stock options were exercised into common shares, calculated in accordance with the treasury method. Basic and diluted net income per common share calculations are as follows for the periods presented:

	Three Months Ended
	September 30,
	2014		2013
Basic
Net income applicable to common stock	$	15,535	$	6,637
Average common shares outstanding	31,526,423		27,234,927
Net income per common share - basic	$	0.49	$	0.24
Diluted
Net income applicable to common stock	$	15,535	$	6,637
Average common shares outstanding	31,526,423		27,234,927
Effect of dilutive stock-based compensation	192,106		212,455
Average common shares outstanding - diluted	31,718,529		27,447,382
Net income per common share - diluted	$	0.49	$	0.24

	Nine Months Ended
	September 30,
	2014		2013
Basic
Net income applicable to common stock	$	43,985	$	22,227
Average common shares outstanding	31,486,767		25,889,139
Net income per common share - basic	$	1.40	$	0.86
Diluted
Net income applicable to common stock	$	43,985	$	22,227
Average common shares outstanding	31,486,767		25,889,139
Effect of dilutive stock-based compensation	207,834		164,034
Average common shares outstanding - diluted	31,694,601		26,053,173
Net income per common share - diluted	$	1.39	$	0.85

Stock options that could potentially dilute basic net income per common share in the future that were not included in the computation of diluted net income per common share due to their anti-dilutive effect were as follows for the periods presented:

	Three Months Ended
	September 30,
	2014	2013
Number of shares	109,068	109,068
Range of exercise prices	$29.57 - $30.63	$29.57 - $30.63

	Nine Months Ended
	September 30,
	2014	2013
Number of shares	109,068	169,638
Range of exercise prices	$29.57 - $30.63	$19.14 - $30.63