EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2018

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, 2018, 2017, and 2016 (in thousands):



	2018			2017			2016
Income (Numerator)
Net income	$	345,998		$	594,104		$	250,762
Net income attributable to noncontrolling interests	(4,757		)	(18,091		)	(5,461		)
Numerator for diluted earnings available to common shareholders	$	341,241		$	576,013		$	245,301

Shares (Denominator)
Weighted-average common shares outstanding	100,913			99,844			93,567
Dilutive effect of outstanding stock settled appreciation rights and stock options	805			945			866
Weighted-average common and common equivalent shares outstanding	101,718			100,789			94,433

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.



	2018	2017	2016
Weighted-average stock-settled appreciation rights and outstanding stock options excluded	1,325	450	556