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Net Income Per Common Share
 3 Months Ended
Mar. 31, 2013
Earnings Per Share [Abstract]  
Net Income Per Common Share

4. 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 and restricted stock awards, 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 March 31,  
     2013      2012  

Denominator:

      

Basic weighted average shares outstanding

      44,242         44,371   

Effect of dilutive stock options and restricted stock

      1,207         780   
  

 

 

     

 

 

  

Diluted weighted average shares outstanding

      45,449         45,151   
  

 

 

     

 

 

  

Diluted weighted average shares outstanding exclude the incremental effect of shares that would be issued upon the assumed exercise of stock options. For the three months ended March 31, 2013 and 2012, approximately 350 and 2,288, 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.