Net Income Per Common Share

3 Months Ended

Mar. 31, 2016

(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
	March 31,
	2016		2015
Basic
Net income applicable to common stock	$	21,216	$	15,240
Average common shares outstanding	40,324,475		31,576,275
Net income per common share - basic	$	0.53	$	0.48
Diluted
Net income applicable to common stock	$	21,216	$	15,240
Average common shares outstanding	40,324,475		31,576,275
Effect of dilutive stock-based compensation	234,670		239,435
Average common shares outstanding - diluted	40,559,145		31,815,710
Net income per common share - diluted	$	0.52	$	0.48

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
	March 31,
	2016	2015
Number of shares	21,500	2,568
Range of exercise prices	$32.6	$29.57 - $29.67