Earnings Per Share

12 Months Ended

Dec. 31, 2018

There are no adjustments to “Net income applicable to Piedmont” for the diluted earnings per share computations.

Net income per share-basic is calculated as net income available to common stockholders divided by the weighted average number of common shares outstanding during the period. Net income per share-diluted is calculated as net income available to common stockholders divided by the diluted weighted average number of common shares outstanding during the period, including unvested deferred stock awards. Diluted weighted average number of common shares reflects the potential dilution under the treasury stock

method that would occur if the remaining unvested deferred stock awards vested and resulted in additional common shares outstanding. Unvested deferred stock awards which are determined to be anti-dilutive are not included in the calculation of diluted weighted average common shares. For each of the years ended December 31, 2018, 2017, and 2016, Piedmont excluded approximately 0.1 million of such anti-dilutive shares.

The following table reconciles the denominator for the basic and diluted earnings per share computations shown on the consolidated statements of income for the years ended December 31, 2018, 2017, and 2016, respectively (in thousands):



	2018	2017	2016
Weighted-average common shares—basic	130,161	145,044	145,230
Plus: Incremental weighted-average shares from time-vested deferred and performance stock awards	475	336	405
Weighted-average common shares—diluted	130,636	145,380	145,635

Common stock issued and outstanding as of period end	126,219	142,359	145,235