Earnings Per Share

9 Months Ended

Sep. 30, 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.



	Three months ended				Nine months ended
	September 30, 2016		September 30, 2015		September 30, 2016		September 30, 2015
	(in thousands, except share and per share data)
Numerator:
Net income	$	15,682	$	13,251	$	41,956	$	32,780
Denominator:
Basic weighted average shares	52,891,879		54,209,942		52,942,571		54,160,649
Effect of dilutive stock options and restricted stock	502,452		369,648		524,452		462,514
Diluted weighted average shares	53,394,331		54,579,590		53,467,023		54,623,163
Earnings per share:
Basic	$	0.30	$	0.24	$	0.79	$	0.61
Diluted	$	0.29	$	0.24	$	0.78	$	0.60
Anti-dilutive shares:
Shares	551,940		138,661		512,823		135,971