EARNINGS PER SHARE

The computation of earnings per share from operations is as follows:



	For the Year Ended December 31,
In thousands, except per share data	2017			2016			2015
Numerator
Numerator for basic and diluted earnings per common share - net income attributable
to Wabtec shareholders	$	262,261		$	304,887		$	398,628
Less: dividends declared - common shares and non-vested restricted stock	(42,218		)	(32,430		)	(26,963		)
Undistributed earnings	220,043			272,457			371,665
Percentage allocated to common shareholders (1)	99.7		%	99.7		%	99.7		%
	219,383			271,640			370,550
Add: dividends declared - common shares	42,092			32,333			26,875
Numerator for basic and diluted earnings per common share	$	261,475		$	303,973		$	397,425
Denominator
Denominator for basic earnings per common share - weighted average shares	95,453			90,359			96,074
Effect of dilutive securities:
Assumed conversion of dilutive stock-based compensation plans	672			782			932
Denominator for diluted earnings per common share - adjusted weighted average
shares and assumed conversion	96,125			91,141			97,006
Net income per common share attributable to Wabtec shareholders
Basic	$	2.74		$	3.37		$	4.14
Diluted	$	2.72		$	3.34		$	4.10

(1) Basic weighted-average common shares outstanding	95,453			90,359			96,074
Basic weighted-average common shares outstanding and non-vested restricted
stock expected to vest	95,740			90,627			96,388
Percentage allocated to common shareholders	99.7		%	99.7		%	99.7		%

Options to purchase approximately 24,000, 20,000, and 13,000 shares of Common Stock were outstanding in 2017, 2016 and 2015, respectively, but were not included in the computation of diluted earnings because their impact would have been antidilutive.