Net Income Per Share

3 Months Ended

Mar. 31, 2017

Earnings Per Share [Abstract]

Net Income Per Share

Net Income Per Share

Basic EPS is computed based on the weighted average number of common shares (including restricted shares) issued and outstanding during the period. Diluted EPS is computed based on the weighted average number of common shares issued and outstanding plus equivalent shares, assuming the exercise of stock options. The dilutive effect of stock options is computed by application of the treasury-stock method. The following is a reconciliation between basic and diluted weighted average shares outstanding:

	For the three months   ended March 31,
(in thousands, except per share data)	2017			2016
Net income	$	70,110		$	62,070
Net income attributable to unvested awarded performance stock	(1,685		)	(1,451		)
Net income attributable to common shares	$	68,425		$	60,619
Weighted average number of common shares outstanding – basic	140,112			138,793
Less unvested awarded performance stock included in weighted average number of common shares outstanding – basic	(3,368		)	(3,245		)
Weighted average number of common shares outstanding for basic earnings per common share	136,744			135,548
Dilutive effect of stock options	2,282			1,392
Weighted average number of shares outstanding – diluted	139,026			136,940
Net income per share:
Basic	$	0.50		$	0.45
Diluted	$	0.49		$	0.44