NET INCOME PER SHARE

9 Months Ended

Sep. 30, 2019

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 September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Basic net income per share:
Net income applicable to common stockholders	$	25,460	$	4,664	$	71,200	$	57,837
Weighted average common shares outstanding	54,413		56,798		54,975		57,486
Basic net income per share	$	0.47	$	0.08	$	1.30	$	1.01

Diluted net income per share:
Net income applicable to common stockholders	$	25,460	$	4,664	$	71,200	$	57,837

Weighted average common shares outstanding	54,413		56,798		54,975		57,486
Dilutive shares from assumed conversion of convertible senior notes	—		—		—		676
Dilutive stock options and restricted stock	606		944		527		1,056
Diluted weighted average common shares outstanding	55,019		57,742		55,502		59,218
Diluted net income per share	$	0.46	$	0.08	$	1.28	$	0.98

The calculation of diluted net income per share for the nine-month period ended September 30, 2018 includes the impact of the Company’s convertible senior 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. The convertible notes matured in May 2018, so there were no dilutive shares in 2019.