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NET INCOME PER SHARE
 3 Months Ended
Mar. 31, 2016
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
 
 
 
March 31,
 
 
 
2016
 
2015
 
Basic net income per share:
 
 
 
 
 
 
 
Net income applicable to common stockholders
 
$
27,524
 
$
10,474
 
Weighted average common shares outstanding
 
 
65,037
 
 
68,731
 
Basic net income per share
 
$
0.42
 
$
0.15
 
 
 
 
 
 
 
 
 
Diluted net income per share:
 
 
 
 
 
 
 
Net income applicable to common stockholders
 
$
27,524
 
$
10,474
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding
 
 
65,037
 
 
68,731
 
Dilutive shares from assumed conversion of convertible senior notes
 
 
-
 
 
1,729
 
Dilutive stock options and restricted stock
 
 
1,187
 
 
1,095
 
Diluted weighted average common shares outstanding
 
 
66,224
 
 
71,555
 
Diluted net income per share
 
$
0.42
 
$
0.15
 
 
Average diluted shares outstanding for the three month periods ended March 31, 2016 and 2015 exclude options to purchase common shares totaling 748 and 557, 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 month period ended March 31, 2015 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.