EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2018

Earnings Per Share [Abstract]

EARNINGS PER SHARE

EARNINGS PER SHARE

The calculations of basic and diluted net earnings per common share under the two-class method are presented below for the periods indicated:

	Three Months Ended June 30,
	2018						2017
(in thousands, except per share information)	Income (Numerator)			Shares (Denominator)	Per-Share Amount		Income (Numerator)			Shares (Denominator)	Per-Share Amount
Net income	$	140,997					$	97,262
Less: net income attributable to participating securities	(1,892		)				(1,643		)
Basic earnings per share
Income available to common stockholders	139,105			93,728	$	1.48	95,619			93,402	$	1.02
Effects of dilutive securities
Options (1)	—			31			1			33
Diluted earnings per share
Income available to common stockholders and assumed conversions	$	139,105		93,759	$	1.48	$	95,620		93,435	$	1.02

	Six Months Ended June 30,
	2018						2017
(in thousands, except per share information)	Income (Numerator)			Shares (Denominator)	Per-Share Amount		Income (Numerator)			Shares (Denominator)	Per-Share Amount
Net income	$	327,315					$	228,234
Less: net income attributable to participating securities	(4,546		)				(3,898		)
Basic earnings per share
Income available to common stockholders	322,769			93,713	$	3.44	224,336			93,396	$	2.40
Effects of dilutive securities
Options (1)	1			35			1			35
Diluted earnings per share
Income available to common stockholders and assumed conversions	$	322,770		93,748	$	3.44	$	224,337		93,431	$	2.40

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(1) Inclusion of certain shares would have an anti-dilutive effect; therefore, 292.1 thousand and 295.6 thousand shares were excluded from the calculations for the three and six months ended June 30, 2018 and 300.5 thousand and 255.0 thousand shares were excluded from the calculations for the three and six months ended June 30, 2017.