Earnings Per Common Share

9 Months Ended

Sep. 30, 2016

2. Earnings Per Common Share

Basic earnings per common share are calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per common share adjust basic earnings per common share for the effects of potentially dilutive common shares. Potentially dilutive common shares include the dilutive effects of shares issuable under our equity compensation plans, including stock options and restricted stock using the treasury stock method.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
Numerator—basic and diluted
Net income	$	21,691	$	10,309	$	78,419	$	55,704
Denominator
Weighted average number of common shares outstanding — basic		41,239		41,094		40,856		40,771
Effect of dilutive stock options		350		426		266		418
Effect of dilutive restricted shares		476		462		483		493
Weighted average number of common shares outstanding — diluted		42,065		41,982		41,605		41,682
Earnings per common share — basic	$	0.53	$	0.25	$	1.92	$	1.37
Earnings per common share — diluted	$	0.52	$	0.25	$	1.88	$	1.34
Antidilutive stock options and restricted shares		753		1,360		1,595		1,685