Net Income Per Common Share

9 Months Ended

Sep. 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
	September 30,
	2015		2014
Basic
Net income applicable to common stock	$	16,220	$	15,535
Average common shares outstanding	40,265,941		31,526,423
Net income per common share - basic	$	0.40	$	0.49
Diluted
Net income applicable to common stock	$	16,220	$	15,535
Average common shares outstanding	40,265,941		31,526,423
Effect of dilutive stock-based compensation	252,472		192,106
Average common shares outstanding - diluted	40,518,413		31,718,529
Net income per common share - diluted	$	0.40	$	0.49




	Nine Months Ended
	September 30,
	2015		2014
Basic
Net income applicable to common stock	$	46,854	$	43,985
Average common shares outstanding	34,521,255		31,486,767
Net income per common share - basic	$	1.36	$	1.40
Diluted
Net income applicable to common stock	$	46,854	$	43,985
Average common shares outstanding	34,521,255		31,486,767
Effect of dilutive stock-based compensation	277,863		207,834
Average common shares outstanding - diluted	34,799,118		31,694,601
Net income per common share - diluted	$	1.35	$	1.39

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,
	2015	2014
Number of shares	—	109,068
Range of exercise prices	$—	$29.57 - $30.63




	Nine Months Ended
	September 30,
	2015	2014
Number of shares	99,852	109,068
Range of exercise prices	$30.63	$29.57 - $30.63