Earnings Per Share

3 Months Ended

Mar. 31, 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
	March 31, 2017		March 31, 2016
	(in thousands, except share and per share data)
Numerator:
Net income	$	10,217	$	11,551
Denominator:
Basic weighted average shares	52,622,539		53,061,058
Effect of dilutive stock options and restricted stock	567,518		532,211
Diluted weighted average shares	53,190,057		53,593,269
Earnings per share:
Basic	$	0.19	$	0.22
Diluted	$	0.19	$	0.22
Anti-dilutive shares:
Shares	783,965		491,132