Earnings Per Share

6 Months Ended

Jun. 30, 2017

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.



	Three months ended				Six months ended
	June 30, 2017		June 30, 2016		June 30, 2017		June 30, 2016
	(in thousands, except share and per share data)
Numerator:
Net income	$	13,794	$	14,725	$	24,011	$	26,276
Denominator:
Basic weighted average shares	52,615,366		53,036,009		52,624,782		53,028,224
Effect of dilutive stock options and restricted stock	535,768		538,693		551,643		535,452
Diluted weighted average shares	53,151,134		53,574,702		53,176,425		53,563,676
Earnings per share:
Basic	$	0.26	$	0.28	$	0.46	$	0.47
Diluted	$	0.26	$	0.27	$	0.45	$	0.47
Anti-dilutive shares:
Shares	760,438		504,954		772,202		498,043