Net Income (Loss) Per Common Share

9 Months Ended

Sep. 30, 2015

Note D — Net Income (Loss) Per Common Share

Basic net income per common share (“Basic EPS”) excludes dilution and is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per common share (“Diluted EPS”) reflects the potential dilution that could occur if stock options or other contracts to issue common stock were exercised or converted into common stock. The computation of Diluted EPS does not assume exercise or conversion of securities that would have an anti-dilutive effect on net income per common share. During the three and nine months ended September 30, 2015, options to acquire no shares and 672,871 shares, respectively, were excluded from the computation of Diluted EPS as their impact was anti-dilutive. During the three and nine months ended September 30, 2014, options to acquire 2,942,000 and 3,055,000 shares, respectively, were excluded from the computation of Diluted EPS as their impact was anti-dilutive.

The calculation of the weighted average number of common shares outstanding for Basic EPS and Diluted EPS for the periods indicated (in thousands, except per share data) is as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
	(Unaudited)				(Unaudited)
Numerator
Net Income	$	36,268	$	41,338	$	77,363	$	3,713

Denominator
Weighted average number of common shares outstanding	50,616		51,322		51,143		51,324
Effect of outstanding share-based awards	666		714		739		238

Weighted average number of shares for diluted net income per common share	51,282		52,036		51,882		51,562


Basic earnings per share	$	0.72	$	0.81	$	1.51	$	0.07
Diluted earnings per share	$	0.71	$	0.79	$	1.49	$	0.07