Net Income per Share

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

Net Income per Share

Net Income per Share

The following table sets forth the computation of basic and diluted earnings per common share:

	Year Ended December 31,
	2017		2016		2015
	(in thousands, except per share amounts)
Numerator:
Net income (1)	$	420,606	$	264,879	$	317,220
Denominator:
Weighted-average shares outstanding, basic	69,221		70,344		72,208
Effect of dilutive stock awards	156		164		218
Adjusted weighted-average shares outstanding, diluted	69,377		70,508		72,426
Net Income per Share:
Basic earnings per common share (1)	$	6.08	$	3.77	$	4.39
Diluted earnings per common share (1)	$	6.06	$	3.76	$	4.38
Anti-dilutive weighted-average shares	85		66		52

(1) During the fourth quarter of 2017, the Company recorded a non-recurring income tax benefit of $199.3 million ($2.88 and $2.87 per basic and diluted share, respectively) due to the enactment of the Tax Cuts and Jobs Act of 2017. For additional information, refer to Note 15, Income Taxes.