Net Income Per Common Share

6 Months Ended

Jun. 30, 2015

(8)	NET INCOME PER COMMON SHARE

Basic and diluted net income per common share are calculated as follows:

	Income (Numerator)		Shares (Denominator)		Per Share Amount
	(Dollars in thousands, except per share data)
Three Months Ended June 30, 2015
Basic
Income available to common stockholders	$	18,553		15,536,325	$	1.19
Effect of stock options		—		328,599
Diluted
Income available to common stockholders plus assumed exercises of stock options	$	18,553		15,864,924	$	1.17
Three Months Ended June 30, 2014
Basic
Income available to common stockholders	$	14,688		15,468,511	$	0.94
Effect of stock options		—		363,669
Diluted
Income available to common stockholders plus assumed exercises of stock options	$	14,688		15,832,180	$	0.92
Six Months Ended June 30, 2015
Basic
Income available to common stockholders	$	34,812		15,521,916	$	2.24
Effect of stock options		—		330,616
Diluted
Income available to common stockholders plus assumed exercises of stock options	$	34,812		15,852,532	$	2.20
Six Months Ended June 30, 2014
Basic
Income available to common stockholders	$	29,345		15,405,847	$	1.90
Effect of stock options		—		353,942
Diluted
Income available to common stockholders plus assumed exercises of stock options	$	29,345		15,759,789	$	1.86

The following table shows the number and average exercise price of options that were excluded from the computation of diluted net income per common share for each period because the options’ exercise prices were greater than the average market price of the common shares:

	Shares		Average Exercise Price
Three Months Ended June 30, 2015		168,065	$	58.14
Three Months Ended June 30, 2014		59,286		54.89
Six Months Ended June 30, 2015		148,475	$	57.94
Six Months Ended June 30, 2014		67,155		54.15