Earnings per share

12 Months Ended

Dec. 31, 2016

The following table sets forth the computation of basic earnings per share and earnings per diluted share available to common shareholders for the years ended December 31, 2016, 2015 and 2014:



	Years Ended December 31,
	2016		2015			2014
Basic earnings per share
Net income available to Validus common shareholders	$	359,384	$	374,893		$	479,963
Less: Dividends on outstanding warrants	—		(3,566		)	(6,208		)
Net income allocated to Validus common shareholders	$	359,384	$	371,327		$	473,755

Weighted average number of common shares outstanding	81,041,974		83,107,236			90,354,745

Basic earnings per share available to Validus common shareholders	$	4.43	$	4.47		$	5.24

Earnings per diluted share
Net income available to Validus common shareholders	$	359,384	$	374,893		$	479,963
Less: Dividends on outstanding warrants	—		—			—
Net income allocated to Validus common shareholders	$	359,384	$	374,893		$	479,963

Weighted average number of common shares outstanding	81,041,974		83,107,236			90,354,745
Share equivalents:
Warrants	—		2,090,248			2,789,032
Stock options	28,196		151,867			745,561
Unvested restricted shares	1,289,290		1,077,409			800,933
Weighted average number of diluted common shares outstanding	82,359,460		86,426,760			94,690,271

Earnings per diluted share available to Validus common shareholders	$	4.36	$	4.34		$	5.07

Share equivalents that would result in the issuance of common shares of 133,810, 167,417 and 199,740 were outstanding for the years ended December 31, 2016, 2015 and 2014, respectively but were not included in the computation of earnings per diluted share because the effect would be antidilutive.