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 service-based restricted stock awards fully vested and 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,
	2017		2016
Basic
Net income applicable to common stock	$	25,284	$	22,900
Average common shares outstanding	44,415,423		42,066,168
Net income per common share - basic	$	0.57	$	0.54
Diluted
Net income applicable to common stock	$	25,284	$	22,900
Average common shares outstanding	44,415,423		42,066,168
Effect of dilutive stock-based compensation	108,118		237,458
Average common shares outstanding - diluted	44,523,541		42,303,626
Net income per common share - diluted	$	0.57	$	0.54



	Six Months Ended
	June 30,
	2017		2016
Basic
Net income applicable to common stock	$	49,256	$	44,116
Average common shares outstanding	44,390,021		41,200,133
Net income per common share - basic	$	1.11	$	1.07
Diluted
Net income applicable to common stock	$	49,256	$	44,116
Average common shares outstanding	44,390,021		41,200,133
Effect of dilutive stock-based compensation	110,259		235,830
Average common shares outstanding - diluted	44,500,280		41,435,963
Net income per common share - diluted	$	1.11	$	1.06

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,
	2017	2016
Number of shares	—	19,000
Exercise prices	—	$32.60



	Six Months Ended
	June 30,
	2017	2016
Number of shares	—	19,000
Exercise prices	—	$32.60