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Net Income Per Share of Common Stock
3 Months Ended
Mar. 31, 2017
Net Income Per Share of Common Stock [Abstract]  
Net Income Per Share of Common Stock
Net Income Per Share of Common Stock
 
Basic net income per share is based on the weighted average number of shares of common stock outstanding during the period, which does not include unvested restricted common stock subject to forfeiture of 4,224,000 shares for the three months ended March 31, 2017, compared to 4,113,000 shares for the three months ended March 31, 2016. Diluted net income per share reflects:
(a) the potential dilution assuming shares of common stock were issued upon the exercise of outstanding in-the-money options and the proceeds thereof were used to purchase shares of the Company’s common stock at the average market price during the period, and (b) the vesting of granted non-vested restricted stock awards for which the assumed proceeds upon vesting are deemed to be the amount of compensation cost not yet recognized attributable to future services using the treasury stock method, to the extent dilutive. During the third quarter of 2016, the Company adopted Accounting Standards Update 2016-09, "Improvements to Employee Share-Based Payment Accounting," which provides updated guidance relating to the treasury stock calculation of diluted shares. (See Note P for further details.) For the three months ended March 31, 2017, options to purchase approximately 304,000 shares of common stock have been excluded from the calculation of diluted net income per share as compared to 363,000 shares that were excluded for the three months ended March 31, 2016, as the result would have been antidilutive. For the three months ended March 31, 2017 and 2016, all unvested restricted stock awards were dilutive.