EPS Calculation

The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted EPS for the years ended December 31, 2015, 2014 and 2013:



	For the Year Ended December 31,
(In Thousands, Except Per Share Amounts)	2015			2014			2013
Numerator:
Net income	$	313,226		$	313,504		$	302,709
Dividends declared on preferred stock	(15,000		)	(15,000		)	(13,750		)
Dividends, dividend equivalents and undistributed earnings allocated to participating securities	(1,539		)	(1,106		)	(1,080		)
Issuance costs of redeemed preferred stock (1)	—			—			(3,947		)
Net income available to common stockholders - basic and diluted	$	296,687		$	297,398		$	283,932

Denominator:
Weighted average common shares for basic and diluted earnings per share (2)	372,114			369,048			362,399
Basic and diluted earnings per share	$	0.80		$	0.81		$	0.78

(1) Issuance costs of redeemed preferred stock represent the original offering costs related to the Series A Preferred Stock, which was redeemed on May 16, 2013. (See Note 13)

(2) At December 31, 2015, the Company had an aggregate of 2.0 million equity instruments outstanding that were not included in the calculation of diluted EPS for the year ended December 31, 2015, as their inclusion would have been anti-dilutive. These equity instruments were comprised of approximately 111,000 shares of restricted common stock with a weighted average grant date fair value of $7.41 and approximately $1.9 million RSUs with a weighted average grant date fair value of $6.90. These equity instruments may have a dilutive impact on future EPS.