Earnings per Share (EPS)

3 Months Ended

Mar. 31, 2016

The following table reconciles the net income and the weighted average common shares outstanding used in the computations of basic and diluted earnings per common share:



	Three Months Ended March 31,
(In thousands, except per share amounts)	2016		2015
Net income	$	47,951	$	34,838
Less: dividends declared	—		—
Net income available to common shareholders	$	47,951	$	34,838
Basic earnings per share	$	0.53	$	0.39
Diluted earnings per share	$	0.52	$	0.38
Basic weighted average shares outstanding	90,785		90,185
Dilutive effect of nonvested shares	1,074		1,329
Diluted weighted average shares outstanding	91,859		91,514

There were 347,611 and 252,180 antidilutive shares for the three months ended March 31, 2016 and 2015, respectively.

The nonvested performance-based share awards are considered contingently issuable for purposes of the EPS calculation. Based on the compounded annual book value per share growth as of March 31, 2016, 100% of the performance-based share awards would be issuable under the terms of the arrangements if March 31, 2016 was the end of the performance period. Based on the compounded annual book value per share growth as of March 31, 2015, 100% of the performance-based share awards would have been issuable under the terms of the arrangements if March 31, 2015 was the end of the performance period.