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NET INCOME PER SHARE
 3 Months Ended
Mar. 31, 2015
NET INCOME PER SHARE  
NET INCOME PER SHARE

 

NOTE 9  NET INCOME PER SHARE

 

Basic net income per share is computed by dividing the net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net income per share is computed similarly except that the weighted average number of common shares is increased to reflect all dilutive instruments.

 

Below is a reconciliation of the basic and diluted weighted average number of common shares and the computations for basic income per share for the three months ended March 31, 2015 and 2014:

 

 

 

Three months ended March 31,

 

 

 

2015

 

2014

 

 

 

(in thousands, except per share)

 

Net income

 

$
6,021 

 

$
17,887 

 

Weighted average common shares outstanding (thousands):

 

 

 

 

 

Basic

 
297,255 

 
297,159 

 

Effect of employee stock-based awards

 
11 

 
1,251 

 

Diluted

 
297,266 

 
298,410 

 

Net income per share:

 

 

 

 

 

Basic

 

$
0.02 

 

$
0.06 

 

Diluted

 

$
0.02 

 

$
0.06 

 

 

For the three months ended March 31, 2015, options to purchase 5 million shares of common stock outstanding at March 31, 2015 (March 31, 2014 — 1.5 million) at an average exercise price of $3.32 per share (March 31, 2014 — $5.95) were not included in the computation of diluted weighted average shares because their exercise price exceeded the average price of the Company’s common stock for three months ended March 31, 2015 and 2014, respectively.