Earnings and Dividends Per Share (Tables)

9 Months Ended

Sep. 30, 2016

Schedule of Earnings Per Share, Basic and Diluted

The following table summarizes the average number of common shares and the net income used in the calculation of basic and diluted earnings per common share (in thousands, except share and per share amounts):



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
Net income attributable to common stockholders	$	33,032	$	33,600	$	110,352	$	94,466

BASIC:
Weighted average common shares outstanding	39,283,919		37,566,221		38,735,262		37,563,503

DILUTED:
Weighted average common shares outstanding	39,283,919		37,566,221		38,735,262		37,563,503
Stock options	93,437		16,920		49,248		42,024
Convertible subordinated debentures	274,544		—		91,515		6,314
Average dilutive common shares outstanding	39,651,900		37,583,141		38,876,025		37,611,841

Net income per common share - basic	$	.84	$	.89	$	2.85	$	2.51
Net income per common share - diluted	$	.83	$	.89	$	2.84	$	2.51

Incremental shares excluded since anti-dilutive:
Net share effect of stock options with an exercise price in excess of the average market price for our common shares	—		107,993		8,490		42,052
Regular dividends declared per common share	$	.90	$	.85	$	2.70	$	2.55