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NET INCOME PER COMMON SHARE (Tables)
 6 Months Ended
Jun. 30, 2017
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share

The following table is a reconciliation of net income and the shares used in calculating basic and diluted net income per common share for the three and six months ended June 30, 2017 and 2016 (in thousands, except share and per share data):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

47,187

 

 

$

21,802

 

 

$

57,552

 

 

$

23,751

 

Adjustment for Basic EPS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earning allocated to unvested shareholders

 

 

(727

)

 

 

—

 

 

 

(972

)

 

 

(32

)

Adjusted net income

 

$

46,460

 

 

$

21,802

 

 

$

56,580

 

 

$

23,719

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding – Basic

 

 

46,742,746

 

 

 

46,927,543

 

 

 

46,702,376

 

 

 

46,862,199

 

Effect of dilutive shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock equivalents arising from stock

   options and ESPP

 

 

1,450

 

 

 

4,051

 

 

 

2,324

 

 

 

6,914

 

Restricted stock awards and units and performance

   units

 

 

66,042

 

 

 

110,260

 

 

 

76,420

 

 

 

116,261

 

Weighted average common shares

   outstanding – Diluted

 

 

46,810,238

 

 

 

47,041,854

 

 

 

46,781,120

 

 

 

46,985,374

 

Net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.99

 

 

$

0.46

 

 

$

1.21

 

 

$

0.51

 

Diluted

 

$

0.99

 

 

$

0.46

 

 

$

1.21

 

 

$

0.51