EPS Calculation

The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted EPS for the three months ended March 31, 2017 and 2016:



	Three Months Ended March 31,
(In Thousands, Except Per Share Amounts)	2017			2016
Numerator:
Net income	$	78,060		$	78,070
Dividends declared on preferred stock	(3,750		)	(3,750		)
Dividends, dividend equivalents and undistributed earnings allocated to participating securities	(431		)	(395		)
Net income to common stockholders - basic and diluted	$	73,879		$	73,925

Denominator:
Weighted average common shares for basic and diluted earnings per share (1)	372,579			370,942
Basic and diluted earnings per share	$	0.20		$	0.20

(1)

At March 31, 2017, the Company had an aggregate of 2.3 million equity instruments outstanding that were not included in the calculation of diluted EPS for the three months ended March 31, 2017, as their inclusion would have been anti-dilutive. These equity instruments were comprised of approximately 22,000 shares of restricted common stock with a weighted average grant date fair value of $7.12 and approximately 2.3 million RSUs (based on current estimate of expected share settlement amount) with a weighted average grant date fair value of $6.50. These equity instruments may have a dilutive impact on future EPS.