Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2019

Allocation of distributed and undistributed earnings to both common shares and restricted common shares

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,
	2019		2018		2017
Weighted-average shares:
Common shares outstanding	74,477,865		77,447,263		78,219,458
Restricted common shares	495,192		476,726		556,592

Total weighted-average shares	74,973,057		77,923,989		78,776,050

Percentage of weighted-average shares:
Common shares outstanding	99.34	%	99.39	%	99.29	%
Restricted common shares	0.66	%	0.61	%	0.71	%

Total	100.00	%	100.00	%	100.00	%

Basic and Diluted earnings per share

The calculations of both basic and diluted earnings per share for the years ended December 31, 2019, 2018 and 2017 are as follows:



	Year Ended December 31,
	2019			2018			2017
Earnings per common share — Basic:
Income from continuing operations	$	156,575		$	247,919		$	147,874
Less: Distributed and undistributed earnings allocated to restricted common shares⁽¹⁾	(1,034		)	(1,517		)	(1,045		)
Income from continuing operations available to common shareholders — Basic	$	155,541		$	246,402		$	146,829

Weighted-average common shares outstanding — Basic	74,477,865			77,447,263			78,219,458

Net income per common share — Basic	$	2.09		$	3.18		$	1.88

Earnings per common share — Diluted:
Income from continuing operations	$	156,575		$	247,919		$	147,874
Less: Distributed and undistributed earnings allocated to restricted common shares⁽¹⁾	(1,034		)	(1,517		)	(1,045		)
Income from continuing operations available to common shareholders — Diluted	$	155,541		$	246,402		$	146,829

Weighted-average common shares outstanding — Basic	74,477,865			77,447,263			78,219,458
Effect of diluted shares⁽²⁾	904,417			301,356			153,983
Weighted-average common shares outstanding — Diluted	75,382,282			77,748,619			78,373,441

Net income per common share — Diluted	$	2.06		$	3.17		$	1.87

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(1)	For the years ended December 31, 2019, 2018 and 2017, distributed and undistributed earnings to restricted shares was 0.66%, 0.61% and 0.71%, respectively, of net income. The amount of restricted share forfeitures for all periods present was immaterial to the allocation of distributed and undistributed earnings.

(2)

For the years ended December 31, 2019, 2018 and 2017, dilutive shares represented contingently issuable shares related to the Company’s PSUs