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NET INCOME PER COMMON SHARE (Tables)
 9 Months Ended
Sep. 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 nine months ended September 30, 2017 and 2016 (in thousands, except share and per share data):

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

13,520

 

 

$

(1,500

)

 

$

71,072

 

 

$

22,251

 

Adjustment for Basic EPS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earning allocated to unvested shareholders

 

 

(199

)

 

 

—

 

 

 

(1,149

)

 

 

—

 

Adjusted net income

 

$

13,321

 

 

$

(1,500

)

 

$

69,923

 

 

$

22,251

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding – Basic

 

 

46,801,051

 

 

 

46,947,621

 

 

 

46,716,726

 

 

 

46,889,913

 

Effect of dilutive shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock equivalents arising from stock

   options and ESPP

 

 

1,130

 

 

 

—

 

 

 

2,438

 

 

 

5,948

 

Restricted stock awards and units and performance

   units

 

 

69,539

 

 

 

—

 

 

 

74,265

 

 

 

119,401

 

Weighted average common shares

   outstanding – Diluted

 

 

46,871,720

 

 

 

46,947,621

 

 

 

46,793,429

 

 

 

47,015,262

 

Net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.28

 

 

$

(0.03

)

 

$

1.50

 

 

$

0.47

 

Diluted

 

$

0.28

 

 

$

(0.03

)

 

$

1.49

 

 

$

0.47