Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2020

Earnings per Share

Schedule of basic and diluted net income per share

The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share amounts):

	March 31,
	2020			2019
Net income	$	63,722		$	20,427
Less income allocated to non-controlling interests		(89)			(81)
Less income allocated to participating securities:
Non-forfeitable dividends on participating securities		(94)			(92)
Income allocated to participating securities		(169)			—
Total net income allocated to participating securities		(263)			(92)
Net income available to common stockholders		63,370			20,254
Effect of dilutive securities:
Participating securities		—			92
Net income for diluted net income per share	$	63,370		$	20,346
Shares for basic net income per share		39,539			39,532
Effect of dilutive securities:
Stock options		2			4
Performance-based stock units		—	(1)		181
Participating securities		—	(2)		157
Total effect of dilutive securities		2			342
Shares for diluted net income per share		39,541			39,874
Basic net income per share	$	1.60		$	0.51
Diluted net income per share	$	1.60		$	0.51

(1) At March 31, 2020, no performance-based stock units would be earned based on TSR targets.

(2) For the three months ended March 31, 2020, the participating securities have been excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive.