Net Income Per Common Share

6 Months Ended

Jun. 30, 2017

Note 4 — Net Income 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 six months ended June 30, 2017, options to acquire zero shares, were excluded from the computation of Diluted EPS. During the three and six months ended June 30, 2016, options to acquire zero shares and 6,000 shares, respectively, were excluded from the computation of Diluted EPS.

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2017		2016		2017		2016
Numerator:
Net Income	$	50,477	$	40,244	$	85,263	$	67,336

Denominator:
Weighted average number of common shares outstanding		51,751		51,418		51,785		51,318
Effect of outstanding share-based awards		1,226		776		1,305		786
Weighted average number of shares for diluted net income per common share		52,977		52,194		53,090		52,104

Basic earnings per share	$	0.98	$	0.78	$	1.65	$	1.31
Diluted earnings per share	$	0.95	$	0.77	$	1.61	$	1.29