Net Income Per Common Share

9 Months Ended

Sep. 30, 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
	September 30,
	2016		2015
Basic
Net income applicable to common stock	$	23,179	$	16,220
Average common shares outstanding	42,091,164		40,265,941
Net income per common share - basic	$	0.55	$	0.40
Diluted
Net income applicable to common stock	$	23,179	$	16,220
Average common shares outstanding	42,091,164		40,265,941
Effect of dilutive stock-based compensation	219,194		252,472
Average common shares outstanding - diluted	42,310,358		40,518,413
Net income per common share - diluted	$	0.55	$	0.40



	Nine Months Ended
	September 30,
	2016		2015
Basic
Net income applicable to common stock	$	67,295	$	46,854
Average common shares outstanding	41,500,407		34,521,255
Net income per common share - basic	$	1.62	$	1.36
Diluted
Net income applicable to common stock	$	67,295	$	46,854
Average common shares outstanding	41,500,407		34,521,255
Effect of dilutive stock-based compensation	229,501		277,863
Average common shares outstanding - diluted	41,729,908		34,799,118
Net income per common share - diluted	$	1.61	$	1.35

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,
	2016	2015
Number of shares	—	—
Exercise prices	$—	$—



	Nine Months Ended
	September 30,
	2016	2015
Number of shares	—	99,852
Range of exercise prices	$—	30.63