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,
	2018		2017
Basic
Net income applicable to common stock	$	31,964	$	26,421
Average common shares outstanding	52,472,971		49,316,572
Net income per common share - basic	$	0.61	$	0.54
Diluted
Net income applicable to common stock	$	31,964	$	26,421
Average common shares outstanding	52,472,971		49,316,572
Effect of dilutive stock-based compensation	136,931		118,653
Average common shares outstanding - diluted	52,609,902		49,435,225
Net income per common share - diluted	$	0.61	$	0.53



	Nine Months Ended
	September 30,
	2018		2017
Basic
Net income applicable to common stock	$	102,500	$	75,677
Average common shares outstanding	50,425,797		46,050,250
Net income per common share - basic	$	2.03	$	1.64
Diluted
Net income applicable to common stock	$	102,500	$	75,677
Average common shares outstanding	50,425,797		46,050,250
Effect of dilutive stock-based compensation	127,395		117,891
Average common shares outstanding - diluted	50,553,192		46,168,141
Net income per common share - diluted	$	2.03	$	1.64

Stock-based compensation awards 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,
	2018	2017
Number of shares	43,779	—
Exercise prices (for stock option awards)	—	—



	Nine Months Ended
	September 30,
	2018	2017
Number of shares	73,507	—
Exercise prices (for stock option awards)	—	—