COMPUTATION OF EARNINGS PER SHARE

Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of shares of Common Stock outstanding for the period. Diluted EPS reflects the potential dilution of securities that could share in earnings. When the impact of common share equivalents is anti-dilutive, they are excluded from the calculation.

The following table sets forth the reconciliation of the basic and diluted earnings per share computations for the years ended December 31 (in thousands, except per share amounts):



	2017		2016		2015
Numerator:
Net income used for calculating basic and diluted earnings per common share	$	3,279	$	193,582	$	175,635
Denominator: (1)
Weighted average number of common shares used in the calculation of basic earnings per share	88,466		82,571		83,852
Common share equivalents associated with stock-based compensation plans	1,324		1,249		1,204
Shares used in the calculation of diluted earnings per share	89,790		83,820		85,056
Earnings per share: (2)
Basic	$	0.04	$	2.34	$	2.09
Diluted	$	0.04	$	2.31	$	2.06


(1)	The Company repurchased 0.4 million, 0.6 million and 6.2 million shares of its Common Stock in 2017, 2016 and 2015, respectively.


(2)	Both basic and diluted earnings per share for 2017 include a one-time benefit of approximately $0.66 per share related to the Tax Cuts and Jobs Act of 2017. Note 10 — Income Taxes provides information related to the Tax Cuts and Jobs Act of 2017.

The following table presents the number of common share equivalents that were not included in the computation of diluted EPS in the table above because the effect would have been anti-dilutive. During periods with net income, these common share equivalents were anti-dilutive because their exercise price was greater than the average market value of a share of Common Stock during the period.



	2017		2016		2015
Anti-dilutive common share equivalents as of December 31 (in millions):	0.3		0.2		0.3
Average market price per share of Common Stock during the year	$	116.09	$	92.58	$	86.02