Earnings Per Share

12 Months Ended

Dec. 31, 2015

We include all common shares granted under our incentive compensation plan which remain unvested (“restricted common shares”) and contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid (“participating securities”), in the number of shares outstanding in our basic and diluted EPS calculations using the two-class method. All of our restricted common shares are currently participating securities.

Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings allocated to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, distributed and undistributed earnings are allocated to both common shares and restricted common shares based on the total weighted average shares outstanding during the period as follows:



	Year Ended December 31,
	2015		2014		2013
Weighted-average shares:
Common shares outstanding	80,489,391		80,389,349		73,652,996
Restricted common shares	615,611		588,077		593,616
Total weighted-average shares	81,105,002		80,977,426		74,246,612

	Year Ended December 31,
	2015		2014		2013
Percentage of weighted-average shares:
Common shares outstanding	99.24	%	99.27	%	99.20	%
Restricted common shares	0.76	%	0.73	%	0.80	%
Total	100.00	%	100.00	%	100.00	%

The calculations of both basic and diluted earnings per share for the years ended December 31, 2015, 2014 and 2013 are as follows:



	Year Ended December 31,
	2015				2014				2013
Earnings per common share — Basic:
Income from continuing operations	$	121,729			$	100,828			$	29,781
Less: Distributed and undistributed earnings allocated to restricted common shares^(a)	(924		)		(732		)		(238		)
Income from continuing operations available to common shareholders — Basic	$	120,805			$	100,096			$	29,543

Weighted-average common shares outstanding — Basic	80,489,391				80,389,349				73,652,996

Net income per common share — Basic	$	1.50			$	1.25			$	0.40

Earnings per common share — Diluted:
Income from continuing operations	$	121,729			$	100,828			$	29,781
Less: Distributed and undistributed earnings allocated to restricted common shares^(a)	(924		)		(732		)		(238		)
Income from continuing operations available to common shareholders — Diluted	$	120,805			$	100,096			$	29,543

Weighted-average common shares outstanding — Basic	80,489,391				80,389,349				73,652,996
Effect of diluted shares	—			^(b)	—			^(b)	—			^(b)
Weighted-average common shares outstanding — Diluted	80,489,391				80,389,349				73,652,996

Net income per common share — Diluted	$	1.50			$	1.25			$	0.40

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(a)	For the years ended December 31, 2015, 2014 and 2013, distributed and undistributed earnings to restricted shares is 0.76%, 0.73% and 0.80%, respectively, of net income. The amount of restricted share forfeitures for all periods present is immaterial to the allocation of distributed and undistributed earnings.


(b)	For the years ended December 31, 2015, 2014 and 2013, we have no dilutive shares.