Common and Common Equivalent Shares

9 Months Ended

Sep. 30, 2016

8.	Common and Common Equivalent Shares:

Basic net income per common share is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per common share is calculated by dividing net income by the weighted average number of common and potential common shares outstanding during the period. Potential common shares consist of outstanding restricted and deferred stock and stock options and is calculated using the treasury stock method. Under the treasury stock method, the Company includes the assumed excess tax benefits related to the potential exercise or vesting of its stock-based awards using the difference between the average market price for the applicable period less the option price, if any, and the fair value of the stock-based award on the date of grant multiplied by the applicable tax rate.

The calculation of shares used in the basic and diluted net income per common share calculation for the three and nine months ended September 30, 2016 and 2015 is as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
Weighted average number of common shares outstanding		92,604		92,949		92,336		93,195
Weighted average number of dilutive common share equivalents		542		697		709		928

Weighted average number of common and common equivalent shares outstanding		93,146		93,646		93,045		94,123

Antidilutive securities not included in the diluted net income per common share calculation		—		—		2		—