XML 25 R15.htm IDEA: XBRL DOCUMENT v3.5.0.2
Net Income Per Share:
 6 Months Ended
Jun. 30, 2016
Earnings Per Share [Abstract]  
Net Income Per Share [Text Block]
Net Income Per Share
 
Net income per share is computed by dividing net income by the weighted average number of common shares outstanding. Diluted net income per share is computed by dividing net income by the weighted average number of common shares outstanding plus dilutive securities. Dilutive securities are outstanding common stock options and restricted stock units(excluding stock options with an exercise price in excess of the average market value for the period), less the number of shares that could have been purchased with the proceeds from the exercise of the options, using the treasury stock method. Options that are anti-dilutive because their exercise price exceeded the average market price of the common stock for the period approximated 33,000 for the three months ended June 30, 2015 and 4,300 and 16,000 for the six months ended June 30, 2016 and 2015, respectively. There were no anti-dilutive options for the three months ended June 30, 2016.

The following table presents the calculation of net earnings per common share (“EPS”) — basic and diluted (in thousands, except per share data):
 
 
Three months ended June 30,
 
Six months ended June 30,
 
2016
 
2015
 
2016
 
2015
Net income
$
16,606

 
$
13,570

 
$
34,766

 
$
23,256

Weighted average number of common shares outstanding (for basic calculation)
16,091

 
15,781

 
16,070

 
15,738

Dilutive securities(1)
909

 
571

 
894

 
564

Weighted average common and common equivalent shares outstanding (for diluted calculation)
17,000

 
16,352

 
16,964


16,302

EPS — basic
$
1.03

 
$
0.86

 
$
2.16

 
$
1.48

EPS — diluted
$
0.98

 
$
0.83

 
$
2.05

 
$
1.43


 ______________________________

(1) During the second quarter of 2016, we early adopted ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting see Note 2, New Accounting Pronouncements, for more detail. Under this ASU, the assumed proceeds from applying the treasury stock method when computing earnings per share no longer includes the amount of excess tax benefits or deficiencies that used to be recognized as additional paid-in capital. This change in the treasury stock method was made on a prospective basis, with adjustments reflected as of the beginning of the 2016 fiscal year. The adoption of this ASU impacted weighted average common and common equivalent shares outstanding by 345,000 shares and 340,000 shares for the three and six months ended June 30, 2016, respectively.