EPS Calculation

The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted EPS for years ended December 31, 2013, 2012 and 2011:



	For the Year Ended December 31,
(In Thousands, Except Per Share Amounts)	2013			2012			2011
Numerator:
Net income	$	302,709		$	306,839		$	316,414
Dividends declared on preferred stock	(13,750		)	(8,160		)	(8,160		)
Dividends, DERs and undistributed earnings allocated to participating securities	(1,080		)	(1,517		)	(1,684		)
Issuance costs of redeemed preferred stock (1)	(3,947		)	—			—
Net income allocable to common stockholders - basic and diluted	$	283,932		$	297,162		$	306,570

Denominator:
Weighted average common shares for basic and diluted earnings per share (2)	362,399			356,762			341,368
Basic and diluted earnings per share	$	0.78		$	0.83		$	0.90

(1) Issuance costs of redeemed preferred stock represent the original offering costs related to the Series A Preferred Stock, which was redeemed on May 16, 2013. (See Note 11)

(2) At December 31, 2013, the Company had an aggregate of $1.2 million equity instruments outstanding that were not included in the calculation of diluted EPS for the year ended December 31, 2013, as their inclusion would have been anti-dilutive. These equity instruments were comprised of 5,000 stock options with a weighted average exercise price of $8.40 and a weighted average remaining contractual life of 0.6 years , approximately 444,000 shares of restricted common stock with a weighted average grant date fair value of $7.50 and approximately 778,000 RSUs with a weighted average grant date fair value of $6.48. These equity instruments may have a dilutive impact on future EPS.