NET INCOME PER SHARE

9 Months Ended

Sep. 30, 2016

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,
	2016		2015		2016		2015
Basic net income per share:
Net income applicable to common stockholders	$	33,378	$	31,880	$	96,433	$	71,002
Weighted average common shares outstanding		63,604		66,524		64,488		67,608
Basic net income per share	$	0.52	$	0.48	$	1.50	$	1.05

Diluted net income per share:
Net income applicable to common stockholders	$	33,378	$	31,880	$	96,433	$	71,002

Weighted average common shares outstanding		63,604		66,524		64,488		67,608
Dilutive shares from assumed conversion of convertible senior notes		1,172		611		743		1,462
Dilutive stock options and restricted stock		1,256		907		1,222		1,019
Diluted weighted average common shares outstanding		66,032		68,042		66,453		70,089
Diluted net income per share	$	0.51	$	0.47	$	1.45	$	1.01

Average diluted shares outstanding for the three and nine month periods ended September 30, 2016 and 2015 exclude options to purchase common shares totaling 426 and 759, respectively, and 556 and 636, 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, 2016 and 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.