EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2019

EARNINGS PER SHARE:

The following table reconciles income (numerator) and shares (denominator) used in our computations of basic and diluted earnings per share for the periods presented (in thousands):



	Three Months Ended March 31,
	2019			2018
Income (Numerator)
Net income	$	22,771		$	43,994
Net income attributable to noncontrolling interests	(1,099		)	(871		)
Numerator for basic and diluted earnings per common share available to common shareholders	$	21,672		$	43,123

Shares (Denominator)
Weighted-average common shares outstanding	92,302			101,899
Dilutive effect of stock-settled appreciation rights and outstanding stock options	916			1,018
Weighted-average common and common equivalent shares outstanding	93,218			102,917

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:



	Three Months Ended March 31,
	2019	2018
Weighted-average stock-settled appreciation rights and outstanding stock options excluded	950	500