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
	September 30,
	2017		2016
Basic
Net income applicable to common stock	$	26,421	$	23,179
Average common shares outstanding	49,316,572		42,091,164
Net income per common share - basic	$	0.54	$	0.55
Diluted
Net income applicable to common stock	$	26,421	$	23,179
Average common shares outstanding	49,316,572		42,091,164
Effect of dilutive stock-based compensation	118,653		219,194
Average common shares outstanding - diluted	49,435,225		42,310,358
Net income per common share - diluted	$	0.53	$	0.55



	Nine Months Ended
	September 30,
	2017		2016
Basic
Net income applicable to common stock	$	75,677	$	67,295
Average common shares outstanding	46,050,250		41,500,407
Net income per common share - basic	$	1.64	$	1.62
Diluted
Net income applicable to common stock	$	75,677	$	67,295
Average common shares outstanding	46,050,250		41,500,407
Effect of dilutive stock-based compensation	117,891		229,501
Average common shares outstanding - diluted	46,168,141		41,729,908
Net income per common share - diluted	$	1.64	$	1.61

There were no 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 for the periods presented above.