Increment a number by one by manipulating the bits

Given a non-negative integer n. The problem is to increment n by 1 by manipulating the bits of n.
Examples : 
 

Input : 6
Output : 7

Input : 15
Output : 16

 

Approach: Following are the steps:
 

1. Get the position of rightmost unset bit of n. Let this position be k.
2. Set the k-th bit of n.
3. Toggle the last k-1 bits of n.
4. Finally, return n.
    

 

Output : 

16

Time Complexity: O(1)
Space Complexity: O(1)