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Net Income Per Common Share
 6 Months Ended
Jun. 30, 2012
Net Income Per Common Share [Abstract]  
Net Income Per Common Share

3. Net Income Per Common Share

Basic net income per common share is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per common share reflects the assumed conversion of all potentially dilutive securities, consisting of stock options, for which the estimated fair value exceeds the exercise price, less shares which could have been purchased with the related proceeds, unless anti-dilutive. For employee equity awards, repurchased shares are also included for any unearned compensation adjusted for tax.

The table below reflects the calculation of the weighted average number of common shares outstanding, on an as if converted basis, used in computing basic and diluted earnings per common share.

 

 

                                 
    Three Months Ended
June  30,		     Six Months Ended
June 30,		  
    2012     2011     2012     2011  

Denominator:

                                

Basic common shares outstanding

     44,447       44,658       44,410       45,122  

Effect of dilutive stock options and restricted stock

     722       360       751       429  
   

 

 

    

 

 

    

 

 

    

 

 

  

Diluted common shares outstanding

     45,169       45,018       45,161       45,551  
   

 

 

    

 

 

    

 

 

    

 

 

  

Diluted weighted average shares outstanding exclude the incremental effect of shares that would be issued upon the assumed exercise of stock options. For the six months ended June 30, 2012 and 2011, approximately 2,265 and 2,735, respectively, of the University’s stock options outstanding were excluded from the calculation of diluted earnings per share as their inclusion would have been anti-dilutive. These options could be dilutive in the future.