Earnings per Share (EPS)

12 Months Ended

Dec. 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 for the years ended December 31:



(In thousands, except per share amounts)	2016		2015		2014
Net income	$	222,606	$	157,331	$	88,497
Less: Common Shares dividends declared	—		—		—
Undistributed net income	$	222,606	$	157,331	$	88,497
Net income allocable to Common	$	222,606	$	157,331	$	88,497

Basic earnings per share	$	2.45	$	1.74	$	1.05
Diluted earnings per share	$	2.41	$	1.72	$	1.03
Basic weighted average Common Shares outstanding	90,913		90,351		83,986
Dilutive effect of nonvested shares	1,332		1,387		1,616
Diluted weighted average Common Shares outstanding	92,245		91,738		85,602

There were 96,251, 78,198 and 141,503 antidilutive shares for the years ended December 31, 2016, 2015 and 2014, 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 December 31, 2016, 2015 and 2014, 100% of the performance-based share awards would be issuable under the terms of the arrangements at each date if December 31 was the end of the contingency period.