EARNINGS PER SHARE:

The following table reconciles income (numerator) and shares (denominator) used in our computations of earnings per share for the years ended December 31, 2017, 2016, and 2015 (in thousands):



	2017			2016			2015
Income (Numerator)
Net income	$	594,104		$	250,762		$	176,099
Net income attributable to noncontrolling interests	(18,091		)	(5,461		)	(4,575		)
Numerator for diluted earnings available to common shareholders	$	576,013		$	245,301		$	171,524

Shares (Denominator)
Weighted-average common shares outstanding	99,844			93,567			95,003
Dilutive effect of outstanding stock settled appreciation rights and stock options	945			866			725
Weighted-average common and common equivalent shares outstanding	100,789			94,433			95,728

The net earnings per share amounts are the same for Class A and Class B Common Stock because the holders of each class are legally entitled to equal per share distributions whether through dividends or in liquidation.

The following table shows the weighted-average stock-settled appreciation rights and outstanding stock options (in thousands) that are excluded from the calculation of diluted earnings per common share as the inclusion of such shares would be anti-dilutive.



	2017	2016	2015
Weighted-average stock-settled appreciation rights and outstanding stock options excluded	450	556	131