NET INCOME PER SHARE

9 Months Ended

Sep. 30, 2015

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				Nine Months Ended
	September 30,				September 30,
	2015		2014		2015		2014
Basic net income per share:
Net income applicable to common stockholders	$	31,880	$	18,307	$	71,002	$	41,842
Undistributed earnings allocated to participating securities		-		(103)		-		(340)
Net income applicable to common stockholders excluding amounts applicable to participating securities	$	31,880	$	18,204	$	71,002	$	41,502
Weighted average common shares outstanding		66,524		68,976		67,608		68,862
Basic net income per share	$	0.48	$	0.26	$	1.05	$	0.60

Diluted net income per share:
Net income applicable to common stockholders	$	31,880	$	18,307	$	71,002	$	41,842
Undistributed earnings allocated to participating securities		-		(103)		-		(340)
Net income applicable to common stockholders excluding amounts applicable to participating securities	$	31,880	$	18,204	$	71,002	$	41,502

Weighted average common shares outstanding		66,524		68,976		67,608		68,862
Dilutive shares from assumed conversion of convertible senior notes		611		1,949		1,462		1,806
Dilutive stock options and restricted stock		907		994		1,019		855
Diluted weighted average common shares outstanding		68,042		71,919		70,089		71,523
Diluted net income per share	$	0.47	$	0.25	$	1.01	$	0.58

Average diluted shares outstanding for the three and nine month periods ended September 30, 2015 and 2014 exclude options to purchase common shares totaling 759 and 504, respectively, and 636 and 538, 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 nine month periods ended September 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.