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PER SHARE OF COMMON STOCK
 12 Months Ended
Dec. 31, 2014
Earnings Per Share [Abstract]  
PER SHARE OF COMMON STOCK
4.
PER SHARE OF COMMON STOCK
 
Per share results have been calculated based on the average number of common shares outstanding. The calculation 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):
 
 
 
Years Ended December 31,
 
 
 
2014
 
2013
 
2012
 
Basic net income per share
 
 
 
 
 
 
 
 
 
 
Net income applicable to common stockholders
 
$
60,930
 
$
46,529
 
$
105,631
 
Undistributed earnings allocated to participating securities
 
 
(481)
 
 
(457)
 
 
(904)
 
Net income applicable to common stockholders excluding amounts applicable to participating securities
 
$
60,449
 
$
46,072
 
$
104,727
 
Weighted average common shares outstanding
 
 
68,895
 
 
68,460
 
 
68,325
 
Basic net income per share
 
$
0.88
 
$
0.67
 
$
1.53
 
 
 
 
 
 
 
 
 
 
 
 
Diluted net income per share:
 
 
 
 
 
 
 
 
 
 
Net income applicable to common stockholders
 
$
60,930
 
$
46,529
 
$
105,631
 
Undistributed earnings allocated to participating securities
 
 
(481)
 
 
(457)
 
 
(904)
 
Net income applicable to common stockholders excluding amounts applicable to participating securities
 
$
60,449
 
$
46,072
 
$
104,727
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding
 
 
68,895
 
 
68,460
 
 
68,325
 
Dilutive shares from assumed conversion of convertible senior notes
 
 
1,354
 
 
63
 
 
-
 
Dilutive stock options and restricted stock
 
 
814
 
 
558
 
 
239
 
Diluted weighted average common shares outstanding
 
 
71,063
 
 
69,081
 
 
68,564
 
Diluted net income per share
 
$
0.85
 
$
0.67
 
$
1.53
 
 
Average diluted shares outstanding for the periods ended December 31, 2014, 2013 and 2012 exclude options to purchase common shares totaling 581, 1,121 and 1,676, respectively, because the exercise prices were greater than the average market price of the common shares. In addition, for 2012 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 for that period was below the initial conversion price of approximately $11.70 per share.