PER SHARE OF COMMON STOCK

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):



	Year Ended December 31,
	2018		2017		2016
Basic net income per share:
Net income applicable to common stockholders	$	69,421	$	111,422	$	119,433
Weighted average common shares outstanding	56,996		59,358		63,729
Basic net income per share	$	1.22	$	1.88	$	1.87

Diluted net income per share:
Net income applicable to common stockholders	$	69,421	$	111,422	$	119,433

Weighted average common shares outstanding	56,996		59,358		63,729
Dilutive shares from assumed conversion of convertible senior notes	455		1,726		794
Dilutive stock options and restricted stock	979		1,515		1,239
Diluted weighted average common shares outstanding	58,430		62,599		65,762
Diluted net income per share	$	1.19	$	1.78	$	1.82

For the period ending December 31, 2018 and 2017, there were no options excluded from average diluted shares outstanding as the average market price of the common shares was greater than the exercise price. The period ended December 31, 2016 excludes options to purchase common shares totaling 503, 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 each period includes the impact of the Company’s Convertible Senior 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.