EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2016

We apply the two-class method of computing earnings per share, which requires the calculation of separate earnings per share amounts for our non-vested time-based restricted stock awards with non-forfeitable dividends and for our common stock. Our non-vested time-based restricted stock awards with non-forfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock. Under the two-class computation method, net losses are not allocated to participating securities unless the holder of the security has a contractual obligation to share in the losses. Our non-vested time-based restricted stock awards with non-forfeitable dividends do not have such an obligation so they are not allocated losses.

Below is a summary of the components used to calculate basic and diluted earnings per share (in thousands, except per share):



	For the Three Months Ended March 31,
	2016		2015
Numerator:
Net income	$	48,734	$	10,591
Less: Preferred dividends	4,147		4,147
Allocation to participating securities	29		21
Attributable to non-controlling interest	249		57
Net income attributable to common stockholders, net of amount allocated to participating securities	$	44,309	$	6,366
Denominator:
Weighted average common shares outstanding - basic	86,360		85,704
Dilutive effect of equity-based compensation awards	810		1,171
Weighted average common shares outstanding - diluted	87,170		86,875
Earnings per share:
Basic and diluted net income per share	$	0.51	$	0.07

All outstanding stock options were included in the computation of diluted earnings per share for the three months ended March 31, 2016 and 2015 due to their dilutive effect.