Earnings Per Share

9 Months Ended

Sep. 30, 2017

11. EARNINGS PER SHARE

A summary of the calculation of basic and diluted earnings per share for the three and nine months ended September 30, 2017 and 2016 is as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands, except per share amounts)	2017		2016		2017		2016
Numerator
Net income	$	15,898	$	12,415	$	34,950	$	27,657
Denominator
Weighted average number of shares – basic		47,870		48,470		48,110		48,839
Effect of dilutive securities
Stock options		487		137		385		137
PSUs, RSUs and restricted stock		174		71		123		60
Weighted average number of shares – diluted		48,531		48,678		48,618		49,036
Net income per share – basic	$	0.33	$	0.26	$	0.73	$	0.57
Net income per share – diluted	$	0.33	$	0.26	$	0.72	$	0.56

Anti-dilutive options to purchase common stock outstanding were excluded from the above calculations. Anti-dilutive options totaled 3.2 million and 5.6 million for the three months ended September 30, 2017 and 2016, respectively, and 3.9 million and 5.7 million for the nine months ended September 30, 2017 and 2016, respectively.