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NET INCOME PER SHARE
 6 Months Ended
Jun. 30, 2015
Earnings Per Share [Abstract]  
NET INCOME PER SHARE
7.
NET INCOME PER SHARE
 
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):
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
 
 
2015
 
2014
 
2015
 
2014
 
Basic net income per share:
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income applicable to common stockholders
 
$
28,649
 
$
16,239
 
$
39,122
 
$
23,535
 
Undistributed earnings allocated to participating securities
 
 
-
 
 
(88)
 
 
-
 
 
(189)
 
Net income applicable to common stockholders excluding amounts applicable to participating securities
 
$
28,649
 
$
16,151
 
$
39,122
 
$
23,346
 
Weighted average common shares outstanding
 
 
67,591
 
 
68,938
 
 
68,158
 
 
68,805
 
Basic net income per share
 
$
0.42
 
$
0.23
 
$
0.57
 
$
0.34
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted net income per share:
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income applicable to common stockholders
 
$
28,649
 
$
16,239
 
$
39,122
 
$
23,535
 
Undistributed earnings allocated to participating securities
 
 
-
 
 
(88)
 
 
-
 
 
(189)
 
Net income applicable to common stockholders excluding amounts applicable to participating securities
 
$
28,649
 
$
16,151
 
$
39,122
 
$
23,346
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding
 
 
67,591
 
 
68,938
 
 
68,158
 
 
68,805
 
Dilutive shares from assumed conversion of convertible senior notes
 
 
2,047
 
 
1,877
 
 
1,888
 
 
1,734
 
Dilutive stock options and restricted stock
 
 
1,056
 
 
742
 
 
1,076
 
 
785
 
Diluted weighted average common shares outstanding
 
 
70,694
 
 
71,557
 
 
71,122
 
 
71,324
 
Diluted net income per share
 
$
0.41
 
$
0.23
 
$
0.55
 
$
0.33
 
 
Average diluted shares outstanding for the three and six month periods ended June 30, 2015 and 2014 exclude options to purchase common shares totaling 591 and 536, respectively, and 574 and 556, 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 for the three and six month periods ended June 30, 2015 and 2014 includes the impact of the Company’s Notes as the average stock price of the Company’s common stock during these periods was above the initial conversion price of approximately $11.70 per share.