| Earnings per Share |
Common stock equivalents of 162,433 and 143,697 for the three months ended September 30, 2015 and 2014, respectively, and 127,231 and 123,234 for the nine months ended September 30, 2015 and 2014, respectively, were excluded from the calculation of diluted net income per common share as the effect would have been anti-dilutive.
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For the Three Months Ended September 30,
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For the Nine Months Ended September 30,
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2015
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2014
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2015
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2014
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Numerator:
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Net income available to common stockholders for basic net
income per common share
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$
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166,550
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$
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136,170
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$
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375,091
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$
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350,119
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Add back:
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Effect of interest on assumed conversions of convertible
debt
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—
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5,363
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—
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16,088
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Net income available to common stockholders for diluted net
income per common share
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$
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166,550
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$
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141,533
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$
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375,091
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$
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366,207
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Denominator:
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Weighted average common shares outstanding for basic net
income per common share
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5,297,797
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5,626,078
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5,436,378
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5,860,248
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Weighted average impact of assumed convertible
debt (a)
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—
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272,853
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—
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272,853
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Weighted average impact of dilutive equity instruments
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48,641
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75,116
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50,738
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75,468
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Weighted average shares for diluted net income per common
share
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5,346,438
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5,974,047
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5,487,116
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6,208,569
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Net income per common share:
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Basic
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$
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0.03
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$
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0.02
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$
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0.07
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$
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0.06
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Diluted
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$
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0.03
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$
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0.02
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$
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0.07
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$
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0.06
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(a)
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The 7% Exchangeable Senior Subordinated Notes due 2014 (the “Exchangeable Notes”) were fully converted into shares of our common stock as of December 1, 2014.
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