Earnings Per Share

12 Months Ended

Dec. 31, 2016

Basic net income per share is calculated by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted net income per share assumes the conversion of all potentially dilutive securities and is calculated by dividing net income by the sum of the weighted average number of shares of common stock outstanding plus all potentially dilutive securities. Dilutive common shares consist primarily of stock options and restricted stock awards.

ASU 2016-09 impacts the calculation of diluted weighted average shares under the treasury stock method as the Company no longer increases or decreases the assumed proceeds from an employee vesting in, or exercising, a share-based payment award by the amount of excess tax benefits or deficiencies taken to additional paid-in capital.

The following table sets forth the computation of basic and diluted earnings per share:



	2016		2015		2014
Numerator:	(in thousands, except share and per share data)
Net income	$	53,376	$	45,728	$	44,158
Denominator:
Basic weighted average shares	52,924,398		54,045,841		54,809,319
Effect of dilutive stock options and restricted stock	525,356		435,643		559,697
Diluted weighted average shares	53,449,754		54,481,484		55,369,016
Earnings per share:
Basic	$	1.01	$	0.85	$	0.81
Dilutive	$	1.00	$	0.84	$	0.80
Anti-dilutive shares:
Shares	469,603		146,548		32,436