Earnings per Share

3 Months Ended

Mar. 31, 2017

Basic earnings per share (“EPS”) excludes dilution for potential common stock issuances and is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, including (1) shares issuable upon the vesting of RSUs and common stock option exercises using the treasury stock method and (2) shares issuable upon the conversion of the Company's MCPS as determined under the if-converted method. For purposes of calculating diluted EPS, preferred stock dividends have been subtracted from net income in periods in which utilizing the if-converted method would be anti-dilutive.

The computation of basic and diluted EPS is as follows:



	Three Months Ended March 31,
	2017			2016
($ in thousands, except per share amounts)
Net Income	$	13,745		$	11,870
Noncontrolling interests	(718		)	493
Net Income Attributable to Stockholders	13,027			12,363
Preferred stock dividends	(2,084		)	—
Net Income Attributable to Common Stockholders	$	10,943		$	12,363
Shares (in thousands):
Basic: Weighted-average number of shares outstanding	6,542			8,344
Plus: Incremental shares from assumed conversion of dilutive instruments	231			162
Diluted: Weighted-average number of shares outstanding	6,773			8,506
Earnings per Share—Basic	$	1.67		$	1.48
Earnings per Share—Diluted	$	1.62		$	1.45

The following table details the securities that have been excluded from the above computation of weighted-average number of shares for diluted EPS, because the effect would be anti-dilutive.



	Three Months Ended March 31,
	2017	2016
(in thousands)
Restricted stock units	—	14
Preferred stock	674	—
Total anti-dilutive securities	674	14