Earnings Per Share

12 Months Ended

Dec. 31, 2016

15. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data):


		Year Ended December 31,
		2016		2015		2014
Numerator for basic and diluted earnings per share -
	net income attributable to common stockholders	$	1,012,397	$	818,344	$	446,745

Denominator for basic earnings per
	share: weighted-average shares		358,275		348,240		306,272
Effect of dilutive securities:
	Employee stock options		110		143		188
	Non-vested restricted shares		449		535		500
	Redeemable shares		1,393		310		-
	Convertible senior unsecured notes		-		196		787
Dilutive potential common shares			1,952		1,184		1,475
Denominator for diluted earnings per
	share: adjusted-weighted average shares		360,227		349,424		307,747

Basic earnings per share		$	2.83	$	2.35	$	1.46
Diluted earnings per share		$	2.81	$	2.34	$	1.45

Stock options outstanding were anti-dilutive for the years ended December 31, 2016, 2015 and 2014. The Series H Cumulative Convertible and Redeemable Preferred Stock and the Series I Cumulative Convertible Perpetual Preferred Stock were excluded from the calculations as the effect of the conversions also were anti-dilutive.