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Earnings Per Share
 9 Months Ended
Sep. 30, 2016
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share
The computation of basic and diluted earnings per common share is as follows:    
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
(In thousands, except per share amounts)
2016
 
2015
 
2016
 
2015
 
 
 
 
 
 
 
 
Computation of Basic Earnings Per Share:
 
 
 
 
 
 
 
Numerator:
 
 
 
 
 
 
 
Net income
$
47,565

 
$
41,419

 
$
107,550

 
$
98,826

Income allocated to participating securities
(342
)
 
(278
)
 
(749
)
 
(695
)
Net income available to common shareholders
$
47,223

 
$
41,141

 
$
106,801

 
$
98,131

Denominator:
 
 
 
 
 
 
 
Weighted average common shares outstanding – basic
55,630

 
56,843

 
55,904

 
57,019

 
 
 
 
 
 
 
 
Basic earnings per share
$
0.85

 
$
0.72

 
$
1.91

 
$
1.72

 
 
 
 
 
 
 
 
Computation of Diluted Earnings Per Share:
 
 
 
 
 
 
 
Numerator:
 
 
 
 
 
 
 
Net income
$
47,565

 
$
41,419

 
$
107,550

 
$
98,826

Income allocated to participating securities
(341
)
 
(277
)
 
(746
)
 
(691
)
Net income available to common shareholders
$
47,224

 
$
41,142

 
$
106,804

 
$
98,135

Denominator:
 
 
 
 
 
 
 
Weighted average common shares outstanding – basic
55,630

 
56,843

 
55,904

 
57,019

Diluted effect of stock options and PVRSUs
281

 
378

 
296

 
479

Weighted average common shares outstanding – diluted
55,911

 
57,221

 
56,200

 
57,498

 
 
 
 
 
 
 
 
Diluted earnings per share
$
0.84

 
$
0.72

 
$
1.90

 
$
1.71



The Company's unvested restricted shares contain rights to receive non-forfeitable dividends, and thus are participating securities requiring the two-class method of computing earnings per share ("EPS"). The calculation of EPS for common stock shown above excludes the income attributable to the unvested restricted share awards from the numerator and excludes the dilutive impact of those awards from the denominator.
At September 30, 2016 and 2015, the Company had 2.5 million and 2.1 million outstanding stock options, respectively. Stock options are included in the diluted earnings per share calculation using the treasury stock method and average market prices during the period, unless the stock options would be anti-dilutive. For the three and nine months ended September 30, 2016, the Company excluded 1.2 million of anti-dilutive stock options from the diluted earnings per share calculation. For the three and nine months ended September 30, 2015, the Company excluded 0.5 million of anti-dilutive stock options from the diluted earnings per share calculation.
PVRSUs are also included in the diluted earnings per share calculation when the performance conditions have been met at the reporting date. However, at September 30, 2016 and 2015, PVRSUs totaling 235,980 and 207,040, respectively, were excluded from the computation since the performance conditions had not been met.