Net Income Per Common Share

6 Months Ended

Jun. 30, 2015

(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
	June 30,
	2015		2014
Basic
Net income applicable to common stock	$	15,394	$	14,853
Average common shares outstanding	31,626,059		31,496,737
Net income per common share - basic	$	0.49	$	0.47
Diluted
Net income applicable to common stock	$	15,394	$	14,853
Average common shares outstanding	31,626,059		31,496,737
Effect of dilutive stock-based compensation	239,113		201,461
Average common shares outstanding - diluted	31,865,172		31,698,198
Net income per common share - diluted	$	0.48	$	0.47




	Six Months Ended
	June 30,
	2015		2014
Basic
Net income applicable to common stock	$	30,634	$	28,450
Average common shares outstanding	31,601,304		31,466,610
Net income per common share - basic	$	0.97	$	0.90
Diluted
Net income applicable to common stock	$	30,634	$	28,450
Average common shares outstanding	31,601,304		31,466,610
Effect of dilutive stock-based compensation	232,953		215,886
Average common shares outstanding - diluted	31,834,257		31,682,496
Net income per common share - diluted	$	0.96	$	0.90

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
	June 30,
	2015	2014
Number of shares	108,138	109,068
Range of exercise prices	$30.63	$29.57 - $30.63




	Six Months Ended
	June 30,
	2015	2014
Number of shares	111,672	109,068
Range of exercise prices	$29.57 - $30.63	$29.57 - $30.63