Earnings per Share

6 Months Ended

Jun. 30, 2017

EARNINGS PER COMMON SHARE:

The following table sets forth the computation of basic and diluted earnings per common share for the three and six months ended June 30, 2017 and 2016 (in thousands, except per share amounts):



	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2017		2016		2017		2016
Numerator:
Net income attributable to Genesee & Wyoming Inc.	$	46,007	$	48,399	$	72,245	$	75,418
Denominators:
Weighted average Class A common shares outstanding – Basic	61,551		57,187		61,472		57,106
Weighted average Class B common shares outstanding	747		793		753		793
Dilutive effect of employee stock-based awards	117		137		146		137
Weighted average shares – Diluted	62,415		58,117		62,371		58,036

Earnings per common share attributable to Genesee & Wyoming Inc. common stockholders:
Basic earnings per common share	$	0.75	$	0.85	$	1.18	$	1.32
Diluted earnings per common share	$	0.74	$	0.83	$	1.16	$	1.30

The Company's weighted average basic shares outstanding for the three and six months ended June 30, 2017 included 4,000,000 shares as a result of the Company's public offering of Class A Common Stock on December 13, 2016.

The following total number of shares of Class A Common Stock issuable under the assumed exercise of stock-based awards computed based on the treasury stock method were excluded from the calculation of diluted earnings per common share, as the effect of including these shares would have been antidilutive (in thousands):



	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2017	2016	2017	2016
Antidilutive shares	1,475	1,339	1,271	1,340