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NET INCOME PER SHARE
 3 Months Ended
Mar. 31, 2013
Earnings Per Share [Abstract]  
NET INCOME PER SHARE
8. NET INCOME PER SHARE

 

Per share results have been computed based on the average number of common shares outstanding. The computation of basic and diluted net income per share is determined using net income applicable to common stockholders as the numerator and the number of shares included in the denominator as follows (in thousands, except per share amounts):

 

    Three Months Ended
March 31,		  
    2013     2012  
Basic net income per share:                
Net income applicable to common stockholders   $ 5,735     $ 5,064  
Undistributed earnings allocated to participating securities     (51 )     (40 )
Net income applicable to common stockholders excluding amounts applicable to participating securities   $ 5,684     $ 5,024  
Weighted average common shares outstanding     68,395       68,245  
Basic net income per share   $ 0.08     $ 0.07  
                 
Diluted net income per share:                
Net income applicable to common stockholders   $ 5,735     $ 5,064  
Undistributed earnings allocated to participating securities     (51 )     (40 )
Net income applicable to common stockholders excluding amounts applicable to participating securities   $ 5,684     $ 5,024  
                 
Weighted average common shares outstanding     68,395       68,245  
Dilutive stock options and restricted stock     433       373  
Diluted weighted average common shares outstanding     68,828       68,618  
Diluted net income per share   $ 0.08     $ 0.07  

 

Average diluted shares outstanding for the three month periods ending March 31, 2013 and 2012 exclude options to purchase common shares totaling 1,438 and 1,333, respectively, because the exercise prices were greater than the average market price of the common shares. In addition, the calculation of diluted net income per share excludes the impact of the Company’s Notes as the average stock price of the Company’s common stock was below the initial conversion price of approximately $11.70 per share for the quarter ending March 31, 2013. The Notes may have a dilutive impact if the average market price of the Company’s common stock is above the conversion price of the Notes.