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NET INCOME PER SHARE

9 Months Ended

Sep. 30, 2018

10.

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,
	2018		2017		2018		2017
Basic net income per share:
Net income applicable to common stockholders	$	4,664	$	18,947	$	57,837	$	62,066
Weighted average common shares outstanding		56,798		58,994		57,486		59,675
Basic net income per share	$	0.08	$	0.32	$	1.01	$	1.04

Diluted net income per share:
Net income applicable to common stockholders	$	4,664	$	18,947	$	57,837	$	62,066

Weighted average common shares outstanding		56,798		58,994		57,486		59,675
Dilutive shares from assumed conversion of convertible senior notes		-		1,701		676		1,713
Dilutive stock options and restricted stock		944		1,540		1,056		1,527
Diluted weighted average common shares outstanding		57,742		62,235		59,218		62,915
Diluted net income per share	$	0.08	$	0.30	$	0.98	$	0.99

The calculation of diluted net income per share for the nine-month periods ended September 30, 2018 and 2017 and the three-month period ended September 30, 2017 includes the impact of the Company’s Notes as the average stock price of the Company’s common stock during the period was above the initial conversion price of approximately $11.70 per share.