Shareholders' Equity

9 Months Ended

Sep. 30, 2019

Net Income (Loss) per Share [Abstract]

Shareholders' Equity

a)In August 2019, the Board of Directors approved a new share repurchase program (the 2019 Program) to replace the previous share repurchase program that was approved by the Board of Directors in May 2018 (the 2018 Program). Consistent with the 2018 Program, the 2019 Program provides for the repurchase of up to $300 million of common stock and has no expiration date but may be terminated by the Board of Directors at any time.

During the nine months ended September 30, 2019, the Company repurchased an aggregate of 77,991 shares of common stock at a cost of $81.1 million, including 73,371 shares repurchased under the 2018 Program at a cost of $75.8 million, and 4,620 shares repurchased under the 2019 program at a cost of $5.4 million. In total, the Company repurchased 93,036 shares of common stock under the 2018 Program at a cost of $97.2 million.

b)Net income per share was determined by dividing adjusted net income to shareholders by the applicable weighted average shares outstanding. Diluted net income per share is computed by dividing adjusted net income to shareholders by the weighted average number of common shares and dilutive potential common shares outstanding during the period.



	Quarter Ended September 30,						Nine Months Ended September 30,
(in thousands, except per share amounts)	2019			2018			2019		2018
Net income to shareholders	$	205,637		$	409,438		$	1,279,362	$	623,363
Adjustment of redeemable noncontrolling interests	(12,221		)	(12,035		)	9,464		(6,621		)
Adjusted net income to shareholders	$	193,416		$	397,403		$	1,288,826	$	616,742

Basic common shares outstanding	13,849			13,917			13,870		13,925
Dilutive potential common shares from restricted stock units and restricted stock	15			26			12		24
Diluted shares outstanding	13,864			13,943			13,882		13,949
Basic net income per share	$	13.97		$	28.56		$	92.92	$	44.29
Diluted net income per share	$	13.95		$	28.50		$	92.84	$	44.21