Earnings Per Share

12 Months Ended

Dec. 31, 2017

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,
		2017		2016		2015
Numerator for basic and diluted earnings per share -
	net income attributable to common stockholders	$	463,595	$	1,012,397	$	818,344

Denominator for basic earnings per
	share: weighted-average shares		367,237		358,275		348,240
Effect of dilutive securities:
	Employee stock options		47		110		143
	Non-vested restricted shares		482		449		535
	Redeemable shares		1,235		1,393		310
	Convertible senior unsecured notes		-		-		196
Dilutive potential common shares			1,764		1,952		1,184
Denominator for diluted earnings per
	share: adjusted-weighted average shares		369,001		360,227		349,424

Basic earnings per share		$	1.26	$	2.83	$	2.35
Diluted earnings per share		$	1.26	$	2.81	$	2.34

Stock options outstanding were anti-dilutive for the years ended December 31, 2017, 2016 and 2015. The Series I Cumulative Convertible Perpetual Preferred Stock were excluded from the calculations as the effect of the conversions also were anti-dilutive.