Earnings per Share (EPS)

3 Months Ended

Mar. 31, 2017

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)	2017		2016
Net income	$	66,598	$	47,951
Less: dividends declared	—		—
Net income available to common shareholders	$	66,598	$	47,951
Basic earnings per share	$	0.73	$	0.53
Diluted earnings per share	$	0.72	$	0.52
Basic weighted average shares outstanding	91,258		90,785
Dilutive effect of nonvested shares	1,765		1,074
Diluted weighted average shares outstanding	93,023		91,859

There were 162,930 and 347,611 antidilutive shares for the three months ended March 31, 2017 and 2016, 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, 2017 and 2016, 100% of the dilutive performance-based share awards would be issuable under the terms of the arrangements at each date if March 31 was the end of the contingency period.