Net Income Per Share

9 Months Ended

Sep. 30, 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 September 30,						For the nine months   ended September 30,
(in thousands, except per share data)	2017			2016			2017			2016
Net income	$	75,913		$	71,545		$	212,125		$	199,865
Net income attributable to unvested awarded performance stock	(1,852		)	(1,873		)	(5,181		)	(5,210		)
Net income attributable to common shares	$	74,061		$	69,672		$	206,944		$	194,655
Weighted average number of common shares outstanding – basic	139,756			140,129			140,012			139,642
Less unvested awarded performance stock included in weighted average number of common shares outstanding – basic	(3,410		)	(3,668		)	(3,420		)	(3,640		)
Weighted average number of common shares outstanding for basic earnings per common share	136,346			136,461			136,592			136,002
Dilutive effect of stock options	2,547			1,721			2,419			1,582
Weighted average number of shares outstanding – diluted	138,893			138,182			139,011			137,584
Net income per share:
Basic	$	0.54		$	0.51		$	1.52		$	1.43
Diluted	$	0.53		$	0.50		$	1.49		$	1.41